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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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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
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