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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, 30 September 10
INDONESIAN COAL FOR POWER PLANT - LANKA GAZETTE
Lanka Gazette reported that, A cargo vessel with coal on board to generate electricity for the Norochcholai Coal Power Plant will arrive in Sri Lank ...
Thursday, 30 September 10
DRY BULK MARKET HEADS SOUTH ONCE MORE WITH MARKET SENTIMENT TAKING A CAUTIOUS APPROACH - HELLENIC SHIPPING
The dry bulk market didn’t manage to maintain the slightly upward momentum it had established during the first two session of the week, with t ...
Wednesday, 29 September 10
MOZAMBIQUE: COAL IN THREE MORE TETE DISTRICTS
All africa reported that, Coal deposits have been confirmed in the districts of Changara, Cahora Bassa and Magoe, in the western Mozambican province ...
Tuesday, 28 September 10
MMTC TO AWARD CONTRACT TO CEPL AND KNOWLEDGE TO SUPPLY 0.835 MILLION TONS OF IMPORTED COAL
COALspot.com: MMTC, India’s state owned trading company has opened three coal purchase tenders today.
According to our market sources, Coas ...
Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, ...
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- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Planning Commission, India
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- Timah Investasi Mineral - Indoneisa
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- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
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- Wood Mackenzie - Singapore
- Parliament of New Zealand
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- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Australian Coal Association
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- MS Steel International - UAE
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
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- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
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