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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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- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
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