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Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
 The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one for ship owners. Yesterday, the industry’s benchmark, the Baltic Dry Index (BDI), which tracks rates for shipping commodities like iron ore and coal, inched higher to 1,781 points, up by 1.14 percent, or 20 points.
In its daily report, Arctic Securities said, quoted by Reuters that “even thought the market appears to have bottomed out, any surge in freight rates still seems unlikely”. It went on to add that China's iron ore imports continue to be the main driver for the dry bulk freight market, and the latest weakness seen in imports is now clearly affecting freight rates as the supply side continues to grow with unabated force.
According to the latest customs statistics from China, the country’s iron ore imports fell by 14.66 percent in June, compared to the previous month, to a total of 47.17 million tonnes. In a worrying sign, yesterday, the Capesize segment of the market, which is widely regarded as the industry’s benchmark fell marginally (0.28 percent), with average daily earnings now standing to $13,266. Commenting on the capesize market, shipbroker Fearnley’s said in its latest report that “combined, summer doldrums and continued Chinese steel-related slowdown give little reason to cheer for cape players.
Iron ore volumes in particular remain low, with the resultant WAust/China rounds standing at present USD 6.50 pmt - barely covering operational expenses. Despite this, and despite no short-term recovery evident, major players keep picking tonnage for short/medium period at huge premiums to spot: 180,000 dwt/blt 2005 done for 4-6 months at usd 20k, 181,000 dwt/blt 2010 done for 4-6 months at USD 20,500 and also reportedly 180,000 dwt/blt 2009 concluded for 4-6 months at around usd 24k (!) - a clear indication of expected upswing for q3/q4 no matter how many newbuildings expected to enter this segment in the very near future”.
That said, it’s worth taking a look at the oversupply of tonnage issue. According to recent comments from Piraeus-based shipbroker Cotzias, “it seems that the overexcitement that led owners to order more dry cargo new buildings will only put more pressure on a market that had previously been alive but with what proved to be “mechanical and medical support”!!! The freight levels that were in excess of 30k per day, made everyone think that the newbuilding price for a Kamsarmax is value for money, and yes it could well be… but what will happen if the current dropping freight market continues at this pace for another 2 months? And 2 months with the excess volatility of the current markets seems like a long time, in which time, will the dry market face freight levels that will be adequate to cover the break even daily operating expenses including basic loan repayments? And what can be easily said to be the breakeven levels of these days, especially for ships that were acquired during 2008 and 2007? We are cautious to the extent that the headache of newbuilding orders has been cured by a regular daily feed of strong pain killers… One “blessing” was we believe the lesson we have all learnt from the container market that recently only started to push away from the “bottom” and the fact that over the past 1.5 years it has taught us that pricing at marginal cost is unsustainable, as vessels start getting laid up before long” concluded Cotzias.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
Tuesday, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Planning Commission, India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
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