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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, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
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- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
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