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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, 04 November 09
BINANI HOPES TO BUY INDONESIAN COAL MINE IN 2-3 MONTHS
"We are still negotiating, but hope to conclude the deal in the next two to three months," Binani Cement Managing Director Vinod Juneja to ...
Tuesday, 03 November 09
CHINA TO BE NET COAL IMPORTER IN 2009
China is accelerating its importation of coal to cope with fallen output caused by the consolidation of small coalmines, and is likely to become a n ...
Monday, 02 November 09
RIO TINTO WARNS ON CHEAP MONGOLIAN COAL
The Age reported that, Mining giant Rio Tinto has warned that cheap coal from Mongolia as well as congestion at the Port of Newcastle in NSW could u ...
Monday, 02 November 09
ESSAR SEEKS COAL ASSETS IN SOUTH AFRICA
Paguntaka reported that, Essar Group plans to acquire coal assets in South Africa to help boost its power business in India. A senior executive of E ...
Sunday, 01 November 09
MINES REGULATION AMENDMENT BILL TO BE TABLED IN PARLIAMENT
Thaindia News reported that, A bill seeking to amend the Mines and Minerals Development Regulation Act, 1957, will be introduced in the winter sessi ...
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- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- The University of Queensland
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Parliament of New Zealand
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
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