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Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
 Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) gaining once again on Thursday, to reach 1942 points (up by 41 on a daily basis), or 2.16 percent. This was the 10th straight session of increases, despite the fact that most analysts appear rather pessimistic on the short-term prospects of the market. Another conclusion from yesterday’s market, was the continued rebounding trend of the capesize segment, with the respective Capesize Index gaining a further 85 points or 4.72 percent. As a result, average daily freight rates have edged higher than the $12,500 mark they had been in the past days, to $14,443.
This rebound has been triggered by a firmer iron ore demand and a restocking taking place in China, as a result of a better looking steel market. Shipbrokers estimate that currently low spot prices for iron ore, not to mention freight rates are causing more cargo purchases from steel mills, looking to take advantage of the situation. For the moment, nobody can rule out a double dip of the market, but it seems that for now, dry bulk ship owners are out in the clearing. Meanwhile, FBR Capital Markets said, in comments quoted by Reuters, that the fourth quarter of 2010 is likely to support a healthier iron ore trade, as contracts for the raw material are likely to more closely reflect spot prices in that period, rather than in the third quarter.
But, apart from cargo demand trade patterns and seasonality, the main concern of the market is the oversupply issues it faces, in terms of new tonnage delivered. According to ICAP Shipping, the dry bulk fleet expanded by some 340 ships amounting to 32 millon dwt in the first half of this year after allowing for the limited number of scrappings and other removals (some 46 ships of 1.6 million dwt). At the same time a large number of ships were contracted for future construction (346/31.2 million Dwt). This rapid expansion in the fleet - some 54 million dwt (+13%) over the past 12 months has been a primary factor in the decline in earnings since May this year which have slumped from typically $48,000 pd for a Cape to $16,000 now in July.
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, 25 August 10
BUKIT ASAM OUT TO BECOME BIGGEST COAL PRODUCER
The Jakarta Post reported that, State-owned PT Batubara Bukit Asam Tbk intends to become the country's biggest coal producer in 2016 with productio ...
Wednesday, 25 August 10
GOVT SHOULD ALLOW DUTY-FREE IMPORT OF THERMAL COAL: ASSOCHAM
Industry body Assocham Wednesday said the government should allow duty free import of thermal coal to bring down power tariffs in the country.
&q ...
Wednesday, 25 August 10
INDIAS ADANI GROUP TO BUILD COAL RAILWAY IN INDONESIA
COALspot.com: India’s Adani Group, Indonesia’s state coal producer PT Tambang Batubara Bukit Asam (PTBA), and the South Sumatra provinci ...
Wednesday, 25 August 10
CME GROUP WILL LAUNCH NEW COAL CONTRACTS
Press Release: CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing ser ...
Tuesday, 24 August 10
INDIA IMPORTS 1.3 MILLION TONS COAL LAST WEEK
COALspot.com: India has imported 1.3 million tons of non - Coking coal and 468,229 Mt of coking coal for the period 16 - 22 August 2010 ...
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- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Planning Commission, India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
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