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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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Tuesday, 05 October 10
EWP SEEKING VIETNAMS ANTHRACITE COAL
COALspot.com: South Korea’s EWP is seeking Min 200,000MT of Vietnam coal with plus or minus 30,000MT at EWP’s (Korea East West Power Co ...
Monday, 04 October 10
2 BLN TONS OF COAL RESERVES DISCOVERED IN SOUTHERN PAKISTAN - XINHUA / HELLENIC SHIPPING
Xinhua and Hellenic Shipping reporte dhtat, the discovery of at least two billion tons of usable coal reserves has been confirmed in one of the ...
Sunday, 03 October 10
THE BDI WAS JUST INCREASED BY 8 POINTS AND CLOSED AT 2452 POINTS LAST FRIDAY - VISTAAR
COALspot.com: The BDI was almost at same levels and just increased by 8 points and closed at 2452 points , however the cape index was up by al ...
Sunday, 03 October 10
NALCO TO FINALIZE INDONESIA COAL DEAL BY JANUARY - HINDUSTAN TIMES
HindustanTimes reported that, state-owned National Aluminium Company (NALCO) will finalise a deal with a coal source in Indonesia for its $4 billion ...
Sunday, 03 October 10
INDONESIA WILL BECOME A NET IMPORTER OF ENERGY IN 2030 - BPPT
Jakarta Updates reported that,Indonesian Agency for the Assessment and Application of Technology (BPPT) predicted that the energy situation in Indon ...
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- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- The University of Queensland
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
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