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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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Wednesday, 11 November 09
INDONESIA ASKS DOMESTIC COAL FIRMS TO SET ASIDE 30PCT OF OUTPUT
Indonesian government said that it had asked domestic coal producers to set aside 30% of their output next year to meet demand from new coal fired p ...
Wednesday, 11 November 09
MINING ACQUISITIONS BECOMING MORE STRATEGIC - E&Y
Mining Weekly reported that, Although miners around the world are looking to position themselves for growth, companies are being more selective when ...
Tuesday, 10 November 09
THAI COAL MINER BANPU Q3 NET UP, BEATS FORECAST
Reuters reported that, Thailand's top coal miner, Banpu, said on Tuesday its third-quarter net earnings rose a higher-than-expected 22 percent, hel ...
Monday, 09 November 09
NAPOCOR DEFERS 50,000 T COAL TENDER
Top Philippine electricity producer National Power Corp. (Napocor) has indefinitely postponed a tender for supply of 50,000 tons of steam coal sched ...
Monday, 09 November 09
SAM'S SEAFOOD HOLDINGS SET TO COMMENCE DRILLING AT INDONESIAN COAL PROJECT
Proactive Investors reported that, Sam's Seafood Holdings is preparing to kick off diamond drilling at the company's Indonesian coal project after ...
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- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
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