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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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Thursday, 26 November 09
CIL EYES OVERSEAS ACQUISITIONS TO BRIDGE SUPPLY GAP
Coal Minister Sriprakash Jaiswal on Wednesday said that state-run coal major Coal India is looking to acquire coal blocks in the US and
othe ...
Wednesday, 25 November 09
NAPOCOR SCRAPS AWARD OF 715,000 TONS COAL
Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it had cancelled plans to award 715,000 tons in coal supply con ...
Wednesday, 25 November 09
RISING FREIGHT RATES HIT COAL IMPORTERS
While state-owned NTPC’s 12.5 million tonne coal import order may have been aimed at plugging the shortage of coal at its thermal power plants ...
Wednesday, 25 November 09
CSN TO BUY RIVERSDALE STAKE TO BOOST COAL SUPPLIES
Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175 ...
Tuesday, 24 November 09
ICRA DOWNGRADES TNPL`S RATING TO LAA
Credit rating agency, ICRA has revised the long term rating for the Rs 11.25 billion long-term fund-based bank facilities and Rs 1.5 billion non-con ...
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- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Parliament of New Zealand
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
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