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Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
 The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find room for support for yet another day. Yesterday, it tumbled by an additional 55 points or 2.23 percent, to 2351, marking its lowest point in nine months. In fact, even the recent standstill of the capesize market proved unsustainable, with the Baltic’s capesize index losing further ground yesterday, down by 1.95% to 2658 points. As for the panamax market, for a second straight session, it proved to be the “weakest link” retreating by 4.4% or 121 points to 2627. Average earnings for panamax vessels now stand to a mere $21,147, the lowest since October of 2009. The BDI has now extended its downfall to 26 straight sessions, which is the longest losing streak since August of 2005. It comes to show that China’s slowdown is having a tremendous impact on shipping rates, as the rest of the world hasn’t rebounded enough to keep ships afloat.
“We are at the moment finding ourselves with an over- tonnaged market,” Alex Gray, chief executive officer of Clarkson Securities Ltd., the freight-derivatives unit of the world’s largest shipbroker, said in an interview with Bloomberg yesterday. There’s “lower demand than we have seen at any stage this year.” In a separate report by Reuters, Peter Norfolk, research director with broker FIS was quoted saying that "there is a much quieter tone than there was a few weeks ago. I think it's unlikely we will see a major rebound in the very short term at least. There is a lot of negative sentiment surrounding the Chinese steel sector and domestic demand. There is a slowdown in manufacturing growth in China, so those factors are weighing on market sentiment at the moment", Norfolk told Reuters. He added that although the capes have been sliding, they have found a little bit of support.
Imports of coal and iron ore by China, the world’s biggest user of the commodities, fell for two consecutive months, customs data show. Combined, the raw materials to make steel or generate power accounted for 54 percent of all dry-bulk goods carried at sea in the first quarter, according to estimates from Drewry Shipping Consultants in London. At the same time, the decline of South America’s grain export season has added further pressure at rates.
Meanwhile, there is increased fear that the looming oversupply of dry bulk vessels will continue to add pressure to the market in the coming months. According to Clarkson Research, the world dry bulk fleet is expected to grow by 16%, or 1,100 ships, while demand should increase by an equivalent of 634 vessels. Still, shipping industry players who took part in June’s Hellenic Shipping News Worldwide poll, said that the BDI will range between 3,000 and 4,000 points during the second half of the year. This answer came from 45.4% of the voters or 1,869 people in a total of 4,118 participants. Out of those, 22.9% or 943 votes were for the 3,000-3,500 limit, while an additional 22.5% or 926 votes were a bit more optimistic, placind the index at the range of 3,500 and 4,000 points.
Even more positive on the dry bulk market’s prospects were those 892 voters (21.7%) who predicted that the freight market will stay above 4,000 points, not to mention the overly optimistic who said it will surpass even the 4,500 point mark. They amounted to 467 or 11.3%. On the negative side were those 890 people (21.6%) who said that the market will stay within today’s range of between 2,500 and 3,000 points.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Australian Coal Association
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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