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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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Friday, 29 October 10
CAPE MARKET STARTED TO BREAK THOUGH THE UPWARDS RESISTANCE LEVEL OF USD 40K DAILY FOR SPOT CARGOS - FEARNLEYS
HANDY
The Atlantic markets remain flat and lackluster. The expectations that the grain ...
Friday, 29 October 10
CHINA'S COAL DEMAND DRIVES DRY BULK MARKET HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is posting marginal, yet steady growth this week, with the Baltic Dry Index rising yesterday to 2784 points, up by 0.2%. Both th ...
Wednesday, 27 October 10
TNPL TO AWARD 240,000 MT COAL SUPPLY CONTRACT TO COAL & OIL
COALspot.com: Tamil Nadu Newsprint Papers Limited, Tamil Nadu state owned Newsprint and Printing & Writing Paper producer has opened a coal purc ...
Wednesday, 27 October 10
CHINA AIDS RUSSIA IN DEVELOPING COAL RESOURCES - PEOPLE'S DAILY
People's Daily reported that, Russia will use 6 billion U.S. dollars in loans provided by China to develop coal resources in Sakhalin Island, Elege ...
Wednesday, 27 October 10
MAIDEN COAL SHIPMENTS TO NOBLE RESOURCES - PAN ASIA AUSTRALIA
Press Release :
First Coal Shipments made from Nadvara Coal Project, East Kalimantan
51,616 tonnes delivered from October production &ndas ...
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- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
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