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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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Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
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- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
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- Semirara Mining Corp, Philippines
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- Metalloyd Limited - United Kingdom
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- Romanian Commodities Exchange
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- Pendopo Energi Batubara - Indonesia
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- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
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- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
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- Economic Council, Georgia
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- Karaikal Port Pvt Ltd - India
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- Ministry of Finance - Indonesia
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- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
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- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
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- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
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- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
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- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
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- Planning Commission, India
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- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
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- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
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- Eastern Energy - Thailand
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- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
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- Sojitz Corporation - Japan
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- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
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- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
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- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
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- Electricity Authority, New Zealand
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- Toyota Tsusho Corporation, Japan
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- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
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- Chamber of Mines of South Africa
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
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- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
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- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
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