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Friday, 20 November 09
DRY BULK SHIP OWNERS HOPE RALLY WILL LAST
 Boon times are still on the daily agenda of every dry bulk ship owner these days after one of the toughest year in the industry’s century-old history. Yesterday, the Baltic Dry Index, a leading gauge which tracks the cost to hire a dry bulk carrier, hauling commodities such as iron ore and coal, kept its upwards momentum, albeit it showed the first signs of fatigue after almost eight weeks of rallying.
The BDI ended at 4,661 points, up by 18, but the Capesize sector posted its first daily drop in many days, with the relative index (BCI) now at 8,056, down by 187 points. Still average daily time charters for capesizes stand at $ 87,118, close to this year’s highs.
According to Jim Wong, an analyst with Nomura Holdings of Hong Kong, the Baltic index will average 4,000 points in 2010. In a relative report he mentioned that the 4,000 level implies all contracts are profitable. He also added that “we reiterate our bullish view on the dry-bulk shipping sector, as we expect dry demand, mainly from China, will continue to improve, coupled with less-than-expected supply resulting from order-book delays and cancellations.”
Those are the good news thus far, since the market has raced towards the end of year, a rally which helped some owners find their optimism, book some good deals and boost their finances. But, once again, this latest rally of more than 450% from the beginning of 2009 has been fuelled by Chinese iron ore imports and ship congestion in key ports of China, Australia and Brazil. As everyone in the market knows, this factor is quite volatile and as soon as iron ore stocks in China are replenished, the BDI could very well head the opposite direction.
This time more than ever, it’s imperative for owners to scrap their older vessels, as they will compete with their younger ones, as soon as they are delivered. According to Peter Norfolk, director at SSY Consultancy and Research, who was quoted by Bloomberg, at the start of 2009 about 170 Capesize vessels were on order for delivery this year alone. However, net new ship availability amounts to just 35 vessels currently, as a result of scrapings, congestion and the fact that some greenfield shipyards have either not been built or have not delivered on schedule.
About 300 Capesize vessels were on order for 2010, Mr Norfolk said, but there was huge uncertainty over how many would be delivered.
Meanwhile, it is estimated that a total of 600 new building orders have been cancelled by ship owners. Out of them, about 400 ships or 65% are dry bulk carriers, with reportedly 120 of them Capesizes. however, this doesn’t mean much, as most yards continued building the vessels, in hopes of finding other buyers, which in fact has been the case with many Chinese owners, who are backed by local banks and of course the government.
Another interesting factor is that the main volume of cancellations occurred until May. Since then, the rate of cancellations was practically erased, with virtually no other cancellations, apart from a handful of tankers and container ships. Still, China alone seems to be able to support the market, as the country is investing in public works, which alone is a boost for demand of raw materials, while the real estate market is also on the rise.
As long as other economies return to the market, with the exit from the recession slowly becoming a reality (Singapore was another country which declared its economy is now out of the recession), dry bulk owners will have more things to cheer about.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Saturday, 12 December 09
QUEENSLAND APPROVES A$4 BILLION COAL TERMINAL PROJECT
Queensland’s state government said it has signed a mandate approving development of the A$4 billion ($3.7 billion) Wiggins Island coal termina ...
Saturday, 12 December 09
INDONESIA'S COAL RUSH - SOOTY SUCCESS
Rising demand from China and India is stoking Indonesia’s exports of coal
FOR power stations on the coast of China, it is often cheaper to ...
Thursday, 10 December 09
ENVIROCOAL REGISTERED IN 33 COUNTRIES
PT Adaro concerned to register the brand overseas
PT Adaro Energy Tbk has registered the Envirocoal trademark for its coal products in 33 countri ...
Thursday, 10 December 09
INDIA TO IMPORT 28 MILLION TONNE OF STEAM COAL
Faced with short supply of coal from domestic sources, the Indian power ministry has revised upwards its coal import target for the current fiscal t ...
Thursday, 10 December 09
INDONESIA'S NEW MINING LAW WILL NOT LIMIT COAL EXPORTS, SAYS GOVERNMENT
The government will allow coal producers to continue exporting even if they miss domestic sales requirements, a senior mining official said, marking ...
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- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- The University of Queensland
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
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