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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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Thursday, 17 June 10
COAL EXPLORATION & DEVELOPMENTS HOTPOTS CONFERENCE
Press Release: The Coal Exploration and Developments Hotspots conference will bring together a panel of more than 20 of the world’s lead ...
Thursday, 17 June 10
AUSTRALIA'S LEIGHTON WINS $1.3 BILLION OF NEW WORK - THE JAKARTA POST
Australian construction and contract mining group Leighton Holdings Ltd. said Thursday it has won 1.5 billion Australian dollars ($1.3 billion) of n ...
Wednesday, 16 June 10
INDONESIAS STATE OWNED ELECTRICITY COMPANY WILL CONSUME 95.30 MILLION TONS OF COAL IN 2014
COALspot.com: Indonesia's state owned electricity company forecasted its coal requirement in 2014 would be around 95 million tons. ...
Wednesday, 16 June 10
MADHYA PRADESH GOVT IMPORT 50K METRIC TONNES OF COAL FROM INDONESIA - DNA INDIA
DNA India reported that, the Madhya Pradesh government has imported 50,000 metric tonnes of coal from Indonesia to deal with its shortage which is a ...
Tuesday, 15 June 10
INDONESIA'S COAL EXPORTS FELL TO 18.52 - MILLION TONS IN MAY
COALspot.com: Indonesia, the world largest coal exporter, shipped 18,529,695 of coal in May 2010. May coal exports dropped by 20.61 percent co ...
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- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
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