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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, 18 August 10
MADHUCON TO START MINING AT SUMATRA BLOCK IN 2-3 MONTHS
DNA India reported that, Hyderabad-based Madhucon Projects is set to begin mining at one of its coal blocks in Indonesia in 2-3 months, said S Vaiku ...
Tuesday, 17 August 10
HANDIES AND SUPRAS WOKE UP AGAIN AFTER SEVERAL WEEKS OF LETHARGY - BRS
A spectacular increase in Cape size rates pushed the BDI up more than 20% this week, with demand for prompt tonnage in the Pacific causing a major s ...
Monday, 16 August 10
INDIA'S TNPL TO SUPPORT TNEB WITH COAL SUPPLIES
COALspot.com: TNPL to award 300,000 MT of coal supply contract to Nehel General Trading of India. Tamil Nadu state undertaking , Tamil N ...
Monday, 16 August 10
INDONESIA'S PLN SECURED COAL SUPPLIES, LESS IMPACT BY RAINS
COALspot.com: Indonesian State Electricity Company, PT Perusahaan Listrik Negara (PLN), has secured coal supplies for all of its power plants except ...
Sunday, 15 August 10
THE FREIGHT MARKET IS EXPECTED TO REMAIN FIRM - CAPT REDDY
COALspot.com: The BDI rose by almost 22 pct despite peak holiday season which is usually quite market , where as the BCI up sharply by 46 pct which ...
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- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
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