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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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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 ...
Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
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- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- PTC India Limited - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- The University of Queensland
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
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