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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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Friday, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
Thursday, 19 August 10
INDONESIA EXPORTED 5.93 MLN TON OF COAL TO CHINA AND 3.52 MLN TONS TO INDIA IN JULY
COALspot.com: Indonesia shipped 3.52 million tones of thermal coal to India in July, fell 25.39 percent compared to June's exports of 4.71 million ...
Thursday, 19 August 10
WBPDCL INDIA LAUNCHES SPOT COAL TENDER
COALspot.com: The West Bengal Power Development Corporation Limited (WBPDCL ), A Govt. of West Bengal Enterprise, has launched spot contract tender ...
Thursday, 19 August 10
PANAMAX BACKED BY A STRONGER SHORT PERIOD MARKET AND SUPPORTED BY SOME FRESH REQUIREMENTS - FEARNBULK
Handy
The events of this week have confirmed our assessment of last week i.e. activity gradually picked up in the Atlantic with more enquiry seen ...
Thursday, 19 August 10
CSC TO SHIP COAL FOR NOROCHCHOLAI POWER PLANT
Daily Mirror reported that, coal for the Norochcholai Power Plant will be shipped to the country by the Ceylon Shipping Corporation (CSC) officials ...
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- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Planning Commission, India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
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