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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, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
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- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
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