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Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
 Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) gaining once again on Thursday, to reach 1942 points (up by 41 on a daily basis), or 2.16 percent. This was the 10th straight session of increases, despite the fact that most analysts appear rather pessimistic on the short-term prospects of the market. Another conclusion from yesterday’s market, was the continued rebounding trend of the capesize segment, with the respective Capesize Index gaining a further 85 points or 4.72 percent. As a result, average daily freight rates have edged higher than the $12,500 mark they had been in the past days, to $14,443.
This rebound has been triggered by a firmer iron ore demand and a restocking taking place in China, as a result of a better looking steel market. Shipbrokers estimate that currently low spot prices for iron ore, not to mention freight rates are causing more cargo purchases from steel mills, looking to take advantage of the situation. For the moment, nobody can rule out a double dip of the market, but it seems that for now, dry bulk ship owners are out in the clearing. Meanwhile, FBR Capital Markets said, in comments quoted by Reuters, that the fourth quarter of 2010 is likely to support a healthier iron ore trade, as contracts for the raw material are likely to more closely reflect spot prices in that period, rather than in the third quarter.
But, apart from cargo demand trade patterns and seasonality, the main concern of the market is the oversupply issues it faces, in terms of new tonnage delivered. According to ICAP Shipping, the dry bulk fleet expanded by some 340 ships amounting to 32 millon dwt in the first half of this year after allowing for the limited number of scrappings and other removals (some 46 ships of 1.6 million dwt). At the same time a large number of ships were contracted for future construction (346/31.2 million Dwt). This rapid expansion in the fleet - some 54 million dwt (+13%) over the past 12 months has been a primary factor in the decline in earnings since May this year which have slumped from typically $48,000 pd for a Cape to $16,000 now in July.
According to recent comments from Piraeus-based shipbroker Cotzias, “it seems that the overexcitement that led owners to order more dry cargo new buildings will only put more pressure on a market that had previously been alive but with what proved to be “mechanical and medical support”!!! The freight levels that were in excess of 30k per day, made everyone think that the newbuilding price for a Kamsarmax is value for money, and yes it could well be… but what will happen if the current dropping freight market continues at this pace for another 2 months? And 2 months with the excess volatility of the current markets seems like a long time, in which time, will the dry market face freight levels that will be adequate to cover the break even daily operating expenses including basic loan repayments? And what can be easily said to be the breakeven levels of these days, especially for ships that were acquired during 2008 and 2007? We are cautious to the extent that the headache of newbuilding orders has been cured by a regular daily feed of strong pain killers… One “blessing” was we believe the lesson we have all learnt from the container market that recently only started to push away from the “bottom” and the fact that over the past 1.5 years it has taught us that pricing at marginal cost is unsustainable, as vessels start getting laid up before long” concluded Cotzias.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 18 November 10
MUNDRA PORT AWARDED BEST PRIVATE PORT - COMMODITY ONLINE / HELLENIC SHIPPING
Adani Group owned, Mundra Port has been awarded the Annual Indian Maritime Gateway Award for the Best Private Port of the Year for the third consecu ...
Wednesday, 17 November 10
DRY BULK MARKET LOOKING FOR SUPPORT IN COAL TRADES AND INDIAN IRON ORE EXPORTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Nikos Roussanoglou, Hellenic Shipping reported that, the dry bulk market is lacking support to end its 13-day slide, as evidenced by Monday’s ...
Tuesday, 16 November 10
'VALLAR PLC' TO BECOME 'BUMI PLC' POST DEAL - THE JAKARTA POST
The Jakarta Post reported that, The United Kingdom’s Vallar Plc will change its name to Bumi Plc following a cash and stock transaction with t ...
Tuesday, 16 November 10
ROTHSCHILD BUYS INDONESIAN COAL STAKES FOR $3 BILLION - BLOOMBERG
Bloomberg reported that, Nathaniel Rothschild, the only son of U.K. financier Jacob Rothschild, agreed to invest $3 billion in two Indonesian coal c ...
Sunday, 14 November 10
THE FREIGHT MARKET CONTINUED ITS DOWN FALL - VISTAAR SINGAPORE
COALspot.com: The freight market continued its down fall with BDI down by 7.29 pct and closed at 2,313 points.
All other segments were also under ...
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- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
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