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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 $16,000 now in July.
According to recent comments from Piraeus-based shipbroker Cotzias, “it seems that the overexcitement that led owners to order more dry cargo new buildings will only put more pressure on a market that had previously been alive but with what proved to be “mechanical and medical support”!!! The freight levels that were in excess of 30k per day, made everyone think that the newbuilding price for a Kamsarmax is value for money, and yes it could well be… but what will happen if the current dropping freight market continues at this pace for another 2 months? And 2 months with the excess volatility of the current markets seems like a long time, in which time, will the dry market face freight levels that will be adequate to cover the break even daily operating expenses including basic loan repayments? And what can be easily said to be the breakeven levels of these days, especially for ships that were acquired during 2008 and 2007? We are cautious to the extent that the headache of newbuilding orders has been cured by a regular daily feed of strong pain killers… One “blessing” was we believe the lesson we have all learnt from the container market that recently only started to push away from the “bottom” and the fact that over the past 1.5 years it has taught us that pricing at marginal cost is unsustainable, as vessels start getting laid up before long” concluded Cotzias.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
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- Ministry of Finance - Indonesia
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- GMR Energy Limited - India
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- Planning Commission, India
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- Minerals Council of Australia
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- Goldman Sachs - Singapore
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- Ind-Barath Power Infra Limited - India
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- Price Waterhouse Coopers - Russia
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- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Economic Council, Georgia
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- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
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- Chamber of Mines of South Africa
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- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
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- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
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- The University of Queensland
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- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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- Metalloyd Limited - United Kingdom
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- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
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- Jindal Steel & Power Ltd - India
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- Xindia Steels Limited - India
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- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
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- Pendopo Energi Batubara - Indonesia
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- Formosa Plastics Group - Taiwan
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- MS Steel International - UAE
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- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
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