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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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Monday, 02 August 10
DRY BULK MARKET NEEDS TO FIND ADDITIONAL SUPPORT IN AUGUST
The dry bulk market ended another week of rebounding, posting on Friday its 11th straight rise. Still, as analysts point out the rate of this rise h ...
Monday, 02 August 10
LINC, ADANI COMPLETE THEIR COAL CONNECTION
"THE much-speculated deal between underground coal gasification company Linc Energy and India's Adani Enterprises is set to be signed tomorrow ...
Saturday, 31 July 10
TABONEO ANCHORAGE TO LOAD 1.5 MLN TON OR MORE COAL IN H1 AUGUST
COALspot.com: Eighty five ocean going vessels and barges have been nominated by coal buyers to their respective suppliers in Indonesia to load about ...
Saturday, 31 July 10
SEEMS THE FREIGHT MARKET WOULD BE FAIRLY STABLE FOR H2 2010 - VISTAAR
COALspot.com: The BDI continued moving up since 16th July and rise by 14 pct almost touching 2000 points.
The BDI was up by 7.72 pct last week wh ...
Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
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- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
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