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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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Friday, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
Thursday, 19 August 10
INDONESIA EXPORTED 5.93 MLN TON OF COAL TO CHINA AND 3.52 MLN TONS TO INDIA IN JULY
COALspot.com: Indonesia shipped 3.52 million tones of thermal coal to India in July, fell 25.39 percent compared to June's exports of 4.71 million ...
Thursday, 19 August 10
WBPDCL INDIA LAUNCHES SPOT COAL TENDER
COALspot.com: The West Bengal Power Development Corporation Limited (WBPDCL ), A Govt. of West Bengal Enterprise, has launched spot contract tender ...
Thursday, 19 August 10
PANAMAX BACKED BY A STRONGER SHORT PERIOD MARKET AND SUPPORTED BY SOME FRESH REQUIREMENTS - FEARNBULK
Handy
The events of this week have confirmed our assessment of last week i.e. activity gradually picked up in the Atlantic with more enquiry seen ...
Thursday, 19 August 10
CSC TO SHIP COAL FOR NOROCHCHOLAI POWER PLANT
Daily Mirror reported that, coal for the Norochcholai Power Plant will be shipped to the country by the Ceylon Shipping Corporation (CSC) officials ...
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- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- The University of Queensland
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- MS Steel International - UAE
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Planning Commission, India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
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