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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, 23 November 09
INDONESIA MINING RULE THREATENS INVESTMENT DRIVE
A new Indonesian mining rule, limiting contract work that can be outsourced and favouring local players, is shaping up as a new blow to plans ...
Sunday, 22 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 25,000/26,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR ANALYSIS
COALspot.com (Singapore): Analyised by Capt. Radhakrishnan Reddy, Managing Director of Vistaar Shipping Services, Singapore.
BDI hits a new high ...
Friday, 20 November 09
INDONESIA UNITED TRACTORS PLANS $430 MLN CAPEX IN 2010
Reuters reported that, Indonesian heavy equipment distributor and mining contractor PT United Tractors Tbk plans capital expenditure of $430 million ...
Friday, 20 November 09
NTPC LOOKING FOR LONG TERM CONTRACTS FOR COAL IMPORT
Business Standard of India reported that, State run power firm NTPC today said it is looking for long-term supply of coal from overseas market to me ...
Friday, 20 November 09
CHINESE COKING COAL SUPPLY TO BE 'TIGHT' IN 2010, KGI SAYS
Bloomberg Reported that, Stephen Wang, an analyst with KGI Securities in Taipei, comments on the outlook for Chinese steel production and demand for ...
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- Planning Commission, India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- The University of Queensland
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
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