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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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Monday, 11 October 10
INDONESIAN POWER PLANTS AND OTHER INDUSTRIES TO BURN 78.97 MLN TONS OF COAL IN 2011
COALspot.com: The Minister of Energy and Mineral Resources of Indonesia has issued a ministerial degree 2360 K/30/MEM/ 2010 related to Domestic mark ...
Monday, 11 October 10
COAL IMPORTS TO START IN 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Viet Nam is now likely to import coal only from 2015, not 2013 as earlier forecast since many thermal power pl ...
Monday, 11 October 10
OCTOBER INDONESIAN COAL PRICE REFERENCE UP BY 2.92 PERCENT
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Saturday, 09 October 10
MPPGCL SEEKS TO BUY 0.40 MLN MT OF COAL FOR ITS THERMAL POWER STATIONS
COALspot.com: India's Madhya Pradesh Generating Company Limited (MPPGCL), Jabalpur, Madhya Pradesh invites bidders through tender 07-03/Import/Coal ...
Saturday, 09 October 10
FREIGHT MARKET IS EXPECTED TO FIRM UP NEXT WEEK CAPT REDDY
COALspot.com: Inspite of Chinese holidays the BDI was up by 10 pct and closed at 2,696 points. The cape index shot up to 20 pct and closed at 4,076 ...
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- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
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