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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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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- White Energy Company Limited
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
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