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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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Saturday, 25 September 10
INDONESIA HAS EXPORTED 187.656 MILLION TONNES OF COAL IN EIGHT MONTHS
COALspot.com: Indonesia, the world largest coal exporter has exported 187.656 million tons of coal for the period January – August this ...
Saturday, 25 September 10
PRESSURE ON S6 AND S7 ROUTES SEEMS TO BE CONTINUED NEXT WEEK CAPT. REDDY
COALspot.com: The freight market has been flat this week due to holidays in China and low activity saw all sectors down and soft.
The BDI was dow ...
Thursday, 23 September 10
CHURCHILL MINING SHARES JUMP ON EAST KUTAI COAL PROJECT FEASIBILITY RESULTS - STOCKOPEDIA
AIM listed mining group Churchill Mining (LON:CHL) and its Indonesian partners the Ridlatama Group, have completed a feasibility study on the 2.73bn ...
Thursday, 23 September 10
DRY BULK RATES EXPECTEDLY FALL TO ONE MONTH LOWS - HELLENIC SHIPPING
With of the Far East trade routes closed this week on various national holidays, demand for ocean transportation of raw materials has been significa ...
Wednesday, 22 September 10
INDIA TO BE BIGGEST BUYER OF INDONESIAN COAL BY 2011 - BUSINESS STANDARD
India will pass Japan to be the biggest buyer of Indonesian coal by 2011, said Bob Kamandanu, chairman of the Indonesian Coal Mining Association.
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- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- The University of Queensland
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
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