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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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Wednesday, 25 August 10
BUKIT ASAM OUT TO BECOME BIGGEST COAL PRODUCER
The Jakarta Post reported that, State-owned PT Batubara Bukit Asam Tbk intends to become the country's biggest coal producer in 2016 with productio ...
Wednesday, 25 August 10
GOVT SHOULD ALLOW DUTY-FREE IMPORT OF THERMAL COAL: ASSOCHAM
Industry body Assocham Wednesday said the government should allow duty free import of thermal coal to bring down power tariffs in the country.
&q ...
Wednesday, 25 August 10
INDIAS ADANI GROUP TO BUILD COAL RAILWAY IN INDONESIA
COALspot.com: India’s Adani Group, Indonesia’s state coal producer PT Tambang Batubara Bukit Asam (PTBA), and the South Sumatra provinci ...
Wednesday, 25 August 10
CME GROUP WILL LAUNCH NEW COAL CONTRACTS
Press Release: CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing ser ...
Tuesday, 24 August 10
INDIA IMPORTS 1.3 MILLION TONS COAL LAST WEEK
COALspot.com: India has imported 1.3 million tons of non - Coking coal and 468,229 Mt of coking coal for the period 16 - 22 August 2010 ...
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- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- MS Steel International - UAE
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
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