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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 - the odds are clearly against the drybulk sector absorbing the current newbuilding orderbook. The size of the demand/supply mismatch will determine whether dry bulk shipping shall face a soft or hard landing. We all hope for a soft landing but we are bracing ourselves for a hard landing. Once bitten - twice shy!
In 2008, the BDI had reached 11,793 points on 20th May and it fell to 663 points on December 5th of the same year; the speed and the scale of this short-term "crisis" took the shipping industry by surprise. The recovery in 2009 has been also unexpected but welcome; restoring the confidence of all parties involved. Is what we are experiencing today "deja-vu"?
Some years ago, a charter rate of $18,000 per day for a modern panamax was considered to be very robust. Today, the same vessel is chartered at this level but, for some owners, this is NOT necessarily considered a good rate. In other words, we face the paradox that the current market can be interpreted at the same time good for some and modest or bad for other owners, depending on their investment position.
Although rates are well down from the high levels of recent years, historically they are still relatively good and should be profitable, so the market is not bad, but to those who have not been around for the last 20 years they seem low. We should not forget the fact that between 1985 and 2003, BDI ranged between 600 and 2,200 points....
It would be a shot in the dark to try and guess on where the market is heading. But, if the recent plunge of the Baltic Dry Index continues; it is almost certain that, at some point, vessel prices will be forcibly reduced to a level that will be in direct correlation with freight market conditions. Something similar to what the shipping market experienced at the beginning of 2009 - and who would want to lose out again on such a chance to buy low?
Chartering (Wet: Soft- / Dry: Weaker-)
No improvement was noted in the dry bulk market this week, as rates continued to fall across the board pushing the BDI to a more than 14 month low. The BDI today (13/07/2010) closed at 1,790points, a decrease of 50 points compared to Monday’s (12/07/2010) closure, and a drop of 337 points compared to last Tuesday’s levels ( 06/07/2010). Tankers also faced a second consecutive week of dropping rates as demand from the US and Far East continues to drop.
The BDTI, Monday (12/07/2010), was at 789, 35 points down and the BCTI at 812, a decrease of 6 points from last Monday’s levels (05/06/2010).
Chartering
With almost non existent activity noted in the iron ore trade and demand for coal remaining fairly weak, Capes continue on their downward spiral reaching now a more than 14 month low. The steep decline of the fall noted these past 2 months has severely depressed market sentiment making it hard for owners to fight of any further drop, while the large numbers of newbuilding deliveries entering the water every week provides charterers with more than ample tonnage to push rates down further.
Panamaxes continued to lose ground as activity is still at the low end especially in the North Atlantic. The was some improvement in the ECSA market as fresh cargo orders started to apear. However this seemed to be too little too late, as the number of prompt tonnage in the area provide charterers with the leverage they need to soften freight levels further.
A soft week for Handys as well in both the Pacific and Atlantic basins. The larger Supramaxes and Handymaxes mainly saw activity in ECSA as well as off India were some fresh enquiries started to appear. Smaller handysize vessels looked to perform worse this week as activity in the Black Sea/Cont regions dropped further.
Source: intermodal (by Tasos Papadopoulos)
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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Aditya Birla Group - India
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