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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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Tuesday, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
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