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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, 18 August 10
MADHUCON TO START MINING AT SUMATRA BLOCK IN 2-3 MONTHS
DNA India reported that, Hyderabad-based Madhucon Projects is set to begin mining at one of its coal blocks in Indonesia in 2-3 months, said S Vaiku ...
Tuesday, 17 August 10
HANDIES AND SUPRAS WOKE UP AGAIN AFTER SEVERAL WEEKS OF LETHARGY - BRS
A spectacular increase in Cape size rates pushed the BDI up more than 20% this week, with demand for prompt tonnage in the Pacific causing a major s ...
Monday, 16 August 10
INDIA'S TNPL TO SUPPORT TNEB WITH COAL SUPPLIES
COALspot.com: TNPL to award 300,000 MT of coal supply contract to Nehel General Trading of India. Tamil Nadu state undertaking , Tamil N ...
Monday, 16 August 10
INDONESIA'S PLN SECURED COAL SUPPLIES, LESS IMPACT BY RAINS
COALspot.com: Indonesian State Electricity Company, PT Perusahaan Listrik Negara (PLN), has secured coal supplies for all of its power plants except ...
Sunday, 15 August 10
THE FREIGHT MARKET IS EXPECTED TO REMAIN FIRM - CAPT REDDY
COALspot.com: The BDI rose by almost 22 pct despite peak holiday season which is usually quite market , where as the BCI up sharply by 46 pct which ...
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- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- The University of Queensland
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
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