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Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were higher, with the Panamax Index gaining the most at 1,145 points, while the Capesize one was also on a high. The only exception was the Handysize market, which retreated by four points yesterday. Still, the index is more than 30% lower than the start of the year, with capesize average spot charter earnings showing a fall of more than 80% by reaching levels of $3,988/day, from about $24,000/day at the beginning of the year. On mid June, capesize average spot earnings fell at their lowest point since December 2008, of less than $3,500/day, with panamax vessels showing softness at levels of less than $8,000/day from more than $13,000/day at the beginning of May.
In recent comments, Golden Destiny’s analysts noted that “during the first days of July, BDI continues its upward trend with capesize average spot earnings surpassing the barrier of $5,000/day and panamax earnings climbing to more than $8,000/day. Smaller vessel categories, supramax and handysize units are showing firmness at levels of more than $13,000/day and $10,000/day respectively. The positive performance of smaller vessel categories has been supported by increased movement of grains and a number of minor bulk cargoes, while the fragile Chinese iron ore and coal demand impaired the demand for capesize and panamax tonnage. Chinese demand for imported iron ore cargo posed weakness in June due to a tremendous decline in steel production and a large amount of iron ore stockpiled at Chinese ports, despite the rise of Chinese iron ore imports in the first five months of the year to around 300.1mt, up 9% year-on-year” they said.
Still, as Maria Bertzeletou noted in the latest weekly report from Golden Destiny, the prospects for the second half of the year aren’t yet promising in all for the dry bulk market. “Chinese steel production has not yet recovered, port stockpiles are elevated, above 96 million tons of iron ore and 8.7 million tons of coal, while Chinese iron ore demand is expected to show not significant strength in the coming weeks. Chinese demand for imported thermal coal is also poised to remain low on the short term, as power plant and coal stockpiles remain high and hydropower production continues to be on rise. However, peak summer electricity demand season is underway in China and a rebound in thermal coal fixture volume is likely for the second half of the year with stronger panamax earnings. Top grade iron ore price shows sings of weakness with the benchmark 62% iron ore content price falling to $135/tonne as Chinese steelmakers have reduced their purchases from declining steel production that has hit the iron ore supply chain” she said.
She also added that “despite the recent negative picture of capesize ton mille demand, there is still faith in the segment as Chinese government’s stimulus measures in the industrial sector may bring firmer iron ore demand, but it seems difficult the capesize average spot earning to surpass the levels of $10,000/day as they are struggling to perform in the current vessel’s supply figures, when in December of 2011, they were floating at levels near to $30,000/day. Under the current fundamentals, shipping players prefer to move towards the scrapping of overaged large sized vessels, capesizes and panamaxes, with secondhand investments being on the frontline as more preferable type of investment than the construction of new units.
Secondhand asset prices have plunged from the first half of 2011, especially in the large sized vessel segments, capesize and panamax, with the BDI triggering further falls during the second half of the year. According to the Baltic Exchange’s Sale and Purchase Assessments, the value of a 5yrs old capesize of 172,000dwt has dropped to about $33,4mil from $42,9 at the end of June 2011, while at end of June 2008 was more than $153mil. In the panamax market, the value of a 5yrs old vessel of 74,000dwt is now at near $23mil, from $30,8 at the end of June 2011, while at the end of June 2008 was more than $88mil. In the supramax segment, the value of 5yrs old vessel of 52,000dwt is now in the region of $22mil from $27,5mil at the end of June 2011, while at the end of June 2008 was at more than $75mil” she concluded.
Still, for the time being Capesizes are currently earning $7,904/day, an increase of $3,916/day from a week ago, while panamaxes are earning $9,002/day, an increase of $1,167/day. At similar week in 2011, capesizes were earning $13,995/day, while panamaxes were earning $13,471/day. Supramaxes are trading at $13,556/day, up by $411day from last week’s closing, 72% and 51% higher than capesize and panamax earnings respectively. At similar week in 2011, supramaxes were getting $13,443/day, hovering at 3.9% lower levels than capesizes versus 72% today’s higher levels. Handysizes are trading at $ 10,309/day; down $105/day from last week, when at similar week in 2011 were earning $10,422/day.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 12 July 12
SOUTHGOBI RESOURCES ANNOUNCES NOTICE OF INVESTMENT DISPUTE FILED AGAINST MONGOLIAN GOVERNMENT
Press Release - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi”) announced today that SGQ Coal Investment Pte. Ltd., a wholly ...
Wednesday, 11 July 12
HBA DROPPED SHARPLY IN JULY
COALspot.com - Indonesian HBA fell to lowest level since September 2010 in July 2012. The monthly coal reference price for coal sales this mon ...
Wednesday, 11 July 12
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 1.26 PER TON
COALspot.com - Sub-Bit FOB Indonesia Coal decline for a second day yesterday, according to SGX AsiaClear OTC Coal Swaps. The prices for shipments to ...
Saturday, 07 July 12
INDONESIA-JAPAN RELATIONS TURN SOUR - THE JAKARTA POST
The Jakarta Post, the one of the leading Indonesian English new papers reported that, Bilateral relations between Indonesia and Japan have recently ...
Saturday, 07 July 12
EXCESS SUPPLY & WEAK DEMAND KEEP COAL PRICES LOW
COALspot.com - SGX AsiaClear OTC Coal Swaps for August and Q4 deliveries slipped slightly this week. SGX’s Indonesian sub-bituminous coal swap ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
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