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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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Saturday, 14 August 10
INDONESIAN THERMAL COAL PRICES EXPECTED TO MOVE UP IN SEPTEMBER 2010 - CHAIRMAN ICMA
COALspot.com: Indonesian Coal Mining Association is expecting, the Indonesian and international coal prices will increase, and will be reached ...
Thursday, 12 August 10
ETA STAR INDIA PUTS FORWARD COAL MINING PLAN FOR TETE, MOZAMBIQUE, IN 2011
ETA Star India Projects Pvt, which is carrying out coal prospecting and surveying work in the Moatize coal region, in Tete province, will present it ...
Thursday, 12 August 10
SUPRAS WERE FIXED IN THE MID/HIGH TEENS FOR INDO-INDIA TRIPS - FEARNBULK
Handy
Activity is gradually picking up in the Atlantic with more enquiries seen for short period tonnage for the end of August. With the grain sea ...
Thursday, 12 August 10
INDONESIAN COAL PRICE REFERENCE REACHED US$ 94.86 FOR AUGUST 2010 SUPPLIES
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Wednesday, 11 August 10
BRAZILIAN GIANT VALE LOOKING TO BOOST ITS COAL OUTPUT
BRAZILIAN mining giant Vale is not content with being the world's largest iron ore miner. The miner is banking on ambitious growth plans to see it ...
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- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
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