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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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- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- PTC India Limited - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
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