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