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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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- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Australian Coal Association
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Planning Commission, India
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