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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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Monday, 07 December 09
VEDANTA RESOURCES ISSUES TENDER TO IMPORT 2.25 MILLION COAL
COALspot.com (India): Vedanta Resources plc is a London stock exchange listed FTSE 100 diversified metals and mining major with revenues in excess o ...
Monday, 07 December 09
CHINA COKING COAL PRICE MAY RISE 14% ON DEFICIT, CITIGROUP SAYS
Coking coal prices in China, the world’s biggest steel producer, may rise 14 percent next year because of a supply deficit, Citigroup Inc. sai ...
Monday, 07 December 09
JSW STEEL TO SELL MOZAMBIQUE COAL MINE FOR RS 300 CRORE
JSW Steel may sell its coal mine in Mozambique to sister company JSW Energy as the mine has become commercially unviable for the steel producer, a t ...
Monday, 07 December 09
BLACK RIDGE MINING ENTERS AGREEMENT WITH INDONESIAN COAL PRODUCER
Australian-listed Black Ridge Mining has entered into an exclusive dealing and non-circumvention agreement with Indonesian coal producer PT. Inmas A ...
Sunday, 06 December 09
THE ECI / CHINA (S7) ROUTE SOFTENED AND WAS AT US$ 25,275 PER DAY - VISTAAR
COALspot.com (Singapore): "The market was bit soft in the beginning of the week, however towards mid week that market started to pick up and th ...
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- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Parliament of New Zealand
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
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