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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, 14 August 10
INDONESIAN THERMAL COAL PRICES EXPECTED TO MOVE UP IN SEPTEMBER 2010 - CHAIRMAN ICMA
COALspot.com: Indonesian Coal Mining Association is expecting, the Indonesian and international coal prices will increase, and will be reached ...
Thursday, 12 August 10
ETA STAR INDIA PUTS FORWARD COAL MINING PLAN FOR TETE, MOZAMBIQUE, IN 2011
ETA Star India Projects Pvt, which is carrying out coal prospecting and surveying work in the Moatize coal region, in Tete province, will present it ...
Thursday, 12 August 10
SUPRAS WERE FIXED IN THE MID/HIGH TEENS FOR INDO-INDIA TRIPS - FEARNBULK
Handy
Activity is gradually picking up in the Atlantic with more enquiries seen for short period tonnage for the end of August. With the grain sea ...
Thursday, 12 August 10
INDONESIAN COAL PRICE REFERENCE REACHED US$ 94.86 FOR AUGUST 2010 SUPPLIES
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Wednesday, 11 August 10
BRAZILIAN GIANT VALE LOOKING TO BOOST ITS COAL OUTPUT
BRAZILIAN mining giant Vale is not content with being the world's largest iron ore miner. The miner is banking on ambitious growth plans to see it ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
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