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Thursday, 03 February 11
DRY BULK MARKET LOOKS SET TO BOTTOM OUT NIKOS - ROUSSANOGLOU, HELLENIC SHIPPING
 With the dry bulk market having lost more than 72% of its value in the last month or so and having retreated to a 2-year low, it seems that the bottom has almost been reached. The combination of devastating floods in Queensland, the richest coal producing province of Australia and in fact globally and the looming closure of China’s factories for the celebration of the new Lunar Year, have contributed to the dry bulk industry’s benchmark, the Baltic Dry Index (BDI) now being at 1,064 points, losing 1.64% after yesterday’s session. Once again, it was the Supramaxes that suffered the most, losing 2.35%.
But a new report out yesterday from JP Morgan could be seen as a cheerful note, since it suggested that the catastrophic dry bulk market is now bottoming out. “We believe that freight rates are bottoming out,” JP Morgan shipping analysts wrote, predicting a rash of scrapping for ships aged 20-years-old or more. Moreover, JP Morgan analysts stressed they felt the recent collapse in the Baltic Dry Index, that sees capesizes trading for less than $7,000 a day, was more weather-related than structural. JP Morgan cited China Cosco as a buy, noting it was “the most leveraged BDI play for investors with higher risk appetite”. Pacific Basin was also cited “for investors who are more risk averse as it has covered c.50% of its revenue days this year and net cash”. MOL, U-Ming and Sincere were all deemed worth investing in too.
In its latest weekly report, shipbroker Fearnley’s said for the capesize market, that it was “another quiet week, with political disturbances affecting the oil prices. Vessels, in ballast, towards South Africa/Brazil who have already bunkered in Singapore have a competitive advantage over vessels just starting to ballast. Higher bunker prices are being reflected in present rates offered, but so far, owners have been unable to conclude on this basis. It seems as though this current price increase will be borne by the owner. With market levels below operating costs, cyclones again hitting Australia and Chinese New Year, the immediate future look bleak, with more and more owners willing to wait rather than fixing in the current climate. One period fixture has been concluded at below usd 20k per day but with delivery in the Atlantic and a profit sharing scheme” said Fearnley’s.
As for the smaller Handysize/Handymax segment which has been battered this week, it said that it is an extremely quiet market in the Atlantic, “with a lot of spot tonnage struggling to get covered. Charterers are shying away from fixing short period as they expect further misery ahead. Rates for t/a rounds in the very low teens as USG markets are the only relatively paying areas. Nevertheless the high amount of ballasting tonnage towards USG will most certainly exerce further stronger downward pressure on rates. The Continent is not active at all. Outlook: Grim. Activity remains quiet in the F.East and seems no relief for owners. Supras getting under usd 5000 bss North China dely for Indo-India and Thailand rounds. From WCI, rates remained steady around usd 15-16k and from ECI USD 12k for trip to east. Some believe Indian iron ore activity to pick up after Chinese holidays. RBCT rounds around usd 13k bss WCI. Short period rates for Supras still around USD 14k. Handymax cargoes from Red Sea to India are fixed around low-mid 20s on voyage” it said.
Regarding the Panamax market, the report mentioned that as Chinese New Year holidays began yesterday, “the activity level slowed down even further. With a cyclone approaching Australia and an already over-supply of tonnage in the Pacific, several Panamaxes were ballasting towards the USG. Approximately 60 vessels were reported sailing inbound this week. This of course put more pressure on the Atlantic basin which already struggled with its tonnage/cargo ratio. Pacific rounds fixed usd 7500 and TA´s usd 10500, fronthauls USD 19600 and backhauls USD 3400. The period market has almost vanished the last couple of weeks. Even so, some short period deals have been reported done in the region 15-15,5k” it concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 22 February 11
SUPRAMAX MARKET IS IMPROVING IN THE PACIFIC
BRS - A 10% rise in the BDI this week, mostly on the back of Panamax rates and improvements in the Supramax market in the Pacific. For the Capes, ra ...
Monday, 21 February 11
CHURCHILL MINING RECEIVES SIGNIFICANT INTEREST, PROPOSALS TO DEVELOP EAST KUTAI COAL PROJECT - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining has received a number of specific proposals to fund and develop its massive East Kutai coa ...
Monday, 21 February 11
ABOLISH 5% DUTY ON COAL IMPORTS: SHINDE
Indian Express reported that, with acute coal shortage of domestic coal threatening to destabilise its power generation plans, the power ministry ha ...
Saturday, 19 February 11
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market was quite firm this week with freight rates in South east asia and India/Feast almost up by 30 pct.
However towards end ...
Thursday, 17 February 11
COAL-GEN EUROPE 2011 REAFFIRMS THE IMPORTANCE OF COAL
Press Release: The third COAL-GEN Europe conference and exhibition, kicked off on Tuesday 15 February, with leading experts, professionals and compa ...
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- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- PTC India Limited - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Interocean Group of Companies - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
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