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Friday, 20 November 09
DRY BULK SHIP OWNERS HOPE RALLY WILL LAST
 Boon times are still on the daily agenda of every dry bulk ship owner these days after one of the toughest year in the industry’s century-old history. Yesterday, the Baltic Dry Index, a leading gauge which tracks the cost to hire a dry bulk carrier, hauling commodities such as iron ore and coal, kept its upwards momentum, albeit it showed the first signs of fatigue after almost eight weeks of rallying.
The BDI ended at 4,661 points, up by 18, but the Capesize sector posted its first daily drop in many days, with the relative index (BCI) now at 8,056, down by 187 points. Still average daily time charters for capesizes stand at $ 87,118, close to this year’s highs.
According to Jim Wong, an analyst with Nomura Holdings of Hong Kong, the Baltic index will average 4,000 points in 2010. In a relative report he mentioned that the 4,000 level implies all contracts are profitable. He also added that “we reiterate our bullish view on the dry-bulk shipping sector, as we expect dry demand, mainly from China, will continue to improve, coupled with less-than-expected supply resulting from order-book delays and cancellations.”
Those are the good news thus far, since the market has raced towards the end of year, a rally which helped some owners find their optimism, book some good deals and boost their finances. But, once again, this latest rally of more than 450% from the beginning of 2009 has been fuelled by Chinese iron ore imports and ship congestion in key ports of China, Australia and Brazil. As everyone in the market knows, this factor is quite volatile and as soon as iron ore stocks in China are replenished, the BDI could very well head the opposite direction.
This time more than ever, it’s imperative for owners to scrap their older vessels, as they will compete with their younger ones, as soon as they are delivered. According to Peter Norfolk, director at SSY Consultancy and Research, who was quoted by Bloomberg, at the start of 2009 about 170 Capesize vessels were on order for delivery this year alone. However, net new ship availability amounts to just 35 vessels currently, as a result of scrapings, congestion and the fact that some greenfield shipyards have either not been built or have not delivered on schedule.
About 300 Capesize vessels were on order for 2010, Mr Norfolk said, but there was huge uncertainty over how many would be delivered.
Meanwhile, it is estimated that a total of 600 new building orders have been cancelled by ship owners. Out of them, about 400 ships or 65% are dry bulk carriers, with reportedly 120 of them Capesizes. however, this doesn’t mean much, as most yards continued building the vessels, in hopes of finding other buyers, which in fact has been the case with many Chinese owners, who are backed by local banks and of course the government.
Another interesting factor is that the main volume of cancellations occurred until May. Since then, the rate of cancellations was practically erased, with virtually no other cancellations, apart from a handful of tankers and container ships. Still, China alone seems to be able to support the market, as the country is investing in public works, which alone is a boost for demand of raw materials, while the real estate market is also on the rise.
As long as other economies return to the market, with the exit from the recession slowly becoming a reality (Singapore was another country which declared its economy is now out of the recession), dry bulk owners will have more things to cheer about.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Wednesday, 11 November 09
INDONESIA ASKS DOMESTIC COAL FIRMS TO SET ASIDE 30PCT OF OUTPUT
Indonesian government said that it had asked domestic coal producers to set aside 30% of their output next year to meet demand from new coal fired p ...
Wednesday, 11 November 09
MINING ACQUISITIONS BECOMING MORE STRATEGIC - E&Y
Mining Weekly reported that, Although miners around the world are looking to position themselves for growth, companies are being more selective when ...
Tuesday, 10 November 09
THAI COAL MINER BANPU Q3 NET UP, BEATS FORECAST
Reuters reported that, Thailand's top coal miner, Banpu, said on Tuesday its third-quarter net earnings rose a higher-than-expected 22 percent, hel ...
Monday, 09 November 09
NAPOCOR DEFERS 50,000 T COAL TENDER
Top Philippine electricity producer National Power Corp. (Napocor) has indefinitely postponed a tender for supply of 50,000 tons of steam coal sched ...
Monday, 09 November 09
SAM'S SEAFOOD HOLDINGS SET TO COMMENCE DRILLING AT INDONESIAN COAL PROJECT
Proactive Investors reported that, Sam's Seafood Holdings is preparing to kick off diamond drilling at the company's Indonesian coal project after ...
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- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Planning Commission, India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
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