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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
 Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - the odds are clearly against the drybulk sector absorbing the current newbuilding orderbook. The size of the demand/supply mismatch will determine whether dry bulk shipping shall face a soft or hard landing. We all hope for a soft landing but we are bracing ourselves for a hard landing. Once bitten - twice shy!
In 2008, the BDI had reached 11,793 points on 20th May and it fell to 663 points on December 5th of the same year; the speed and the scale of this short-term "crisis" took the shipping industry by surprise. The recovery in 2009 has been also unexpected but welcome; restoring the confidence of all parties involved. Is what we are experiencing today "deja-vu"?
Some years ago, a charter rate of $18,000 per day for a modern panamax was considered to be very robust. Today, the same vessel is chartered at this level but, for some owners, this is NOT necessarily considered a good rate. In other words, we face the paradox that the current market can be interpreted at the same time good for some and modest or bad for other owners, depending on their investment position.
Although rates are well down from the high levels of recent years, historically they are still relatively good and should be profitable, so the market is not bad, but to those who have not been around for the last 20 years they seem low. We should not forget the fact that between 1985 and 2003, BDI ranged between 600 and 2,200 points....
It would be a shot in the dark to try and guess on where the market is heading. But, if the recent plunge of the Baltic Dry Index continues; it is almost certain that, at some point, vessel prices will be forcibly reduced to a level that will be in direct correlation with freight market conditions. Something similar to what the shipping market experienced at the beginning of 2009 - and who would want to lose out again on such a chance to buy low?
Chartering (Wet: Soft- / Dry: Weaker-)
No improvement was noted in the dry bulk market this week, as rates continued to fall across the board pushing the BDI to a more than 14 month low. The BDI today (13/07/2010) closed at 1,790points, a decrease of 50 points compared to Monday’s (12/07/2010) closure, and a drop of 337 points compared to last Tuesday’s levels ( 06/07/2010). Tankers also faced a second consecutive week of dropping rates as demand from the US and Far East continues to drop.
The BDTI, Monday (12/07/2010), was at 789, 35 points down and the BCTI at 812, a decrease of 6 points from last Monday’s levels (05/06/2010).
Chartering
With almost non existent activity noted in the iron ore trade and demand for coal remaining fairly weak, Capes continue on their downward spiral reaching now a more than 14 month low. The steep decline of the fall noted these past 2 months has severely depressed market sentiment making it hard for owners to fight of any further drop, while the large numbers of newbuilding deliveries entering the water every week provides charterers with more than ample tonnage to push rates down further.
Panamaxes continued to lose ground as activity is still at the low end especially in the North Atlantic. The was some improvement in the ECSA market as fresh cargo orders started to apear. However this seemed to be too little too late, as the number of prompt tonnage in the area provide charterers with the leverage they need to soften freight levels further.
A soft week for Handys as well in both the Pacific and Atlantic basins. The larger Supramaxes and Handymaxes mainly saw activity in ECSA as well as off India were some fresh enquiries started to appear. Smaller handysize vessels looked to perform worse this week as activity in the Black Sea/Cont regions dropped further.
Source: intermodal (by Tasos Papadopoulos)
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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
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- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
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