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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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Sunday, 11 July 10
OVERALL NO OR NEGLIGIBLE IMPACT IN ARUTMIN MINE - BUMI
COALspot.com: Bumi denies the media reports on an impact of unusually rains on coal production in BUMI mines.
"Arutmin is being impacted by ...
Saturday, 10 July 10
FREIGHT MARKET SITUATION MAY CONTINUE FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: The market continued to soften further with the cape and panamax index down by about 20 pct and closed at 2,102 and 1,944 points respe ...
Saturday, 10 July 10
STC OF INDIA TO ASSOCIATE WITH FUEL SUPPLIERS
COALspot.com: State Trading corporation of India, which is under Ministry of Commerce, has invited Expression of Interest from coal suppliers ...
Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to dea ...
Thursday, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
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- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- PTC India Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
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