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Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
 This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Yesterday, the BDI edged up even higher at 4,209 (+ 22 points on a daily basis), with the Capesize market segment once again leading the pack, as all other ship types demonstrated deflationary trends. Still, after the impressive increase of Tuesday, yesterday proved a rather moderate session, with few fluctuations, in what could be a sign that charterers have tested their strength and aren’t willing to push the market any further. Thus, some market correction could be in store in the following days.
In yesterday’s weekly report, Fearnley’s said that capesize rates went through the roof. “Early this week, FFA values for June were USD 51,500 vs. mid last week USD 37,000, one of the main drivers for the physical market. The freight for Australia round voyage jumped from USD 12.1 last week to USD 14.2 mid this week, Tubarao Qingdao from USD 29.9 to 34.4! Although some talks about the market appearing more toppish now - nobody dares to say we are presently on the top. It is also interesting to note last year’s jump around this time, the 21st of May the index was USD 40,000 vs. USD 93,000 the 3rd of June”.
Commenting on a lackluster panamax segment, the shipbroker said that “as expected and despite the strong re bounce in the Cape segment, the Panamax market gradually lost some of its momentum over the last few days. In the Atlantic prompt Continent positions are still able to secure very healthy numbers in the mid/upper 40´s, whereas Charterers with June requirements may not be so tight on tonnage. Front haul typically in the mid/high 40´s range apart from spot trips via Aden as a Baltic-India buiz done at 60K. The Pacific market has consolidated around the low 30.000 level for NOPAC and ECSA rounds. The period market is still fairly active indicating the market may believe the downside is limited” said Fearnley’s.
In a market comment released this week, Jeffrey Landsberg of Commodore Research said that he remains cautious for what is in store for the future and there is valid concern that freight rates may come under great pressure in the second half of the year. “With that in mind, though, we continue to take things one step at a time, as there will continue to be opportunities to benefit from changes in short-term market dynamics, as we have seen in the dry bulk equity, FFA, and physical markets in the last few weeks”. According to Commodore’s analysis, approximately 100 capesize vessels were delivered in 2009, about 66% of what was expected to be delivered back in July 2008. “Capesize freight rates averaged approximately $43,000 in 2009. This year, approximately 45 Capes were delivered in the first quarter of this year with more delivered each week. On an annualized basis that's 180 Cape deliveries for 2010. At the time of writing, however, Capesize freight rates are averaging $48,248/day - well above operating costs and historically a very robust rate” said Landsberg.
In the short-term though, Chinese demand for thermal coal is expected to remain robust as China enters peak summer demand season and the economy continues to expand at a rapid pace. In addition, the commencement of Indian monsoon season will result in China needing to import more iron ore from Australia and Brazil which will lend additional support to Capesize freight rates. A decrease in Indian iron ore exports, which are normally carried on Supramax and Panamax vessels, will be partially offset by an increase in Chinese grain imports. Overall, dry bulk cargo demand is in a bit of a lull, but thermal coal and grain demand remain robust and iron ore demand is still firm.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had pass ...
Tuesday, 25 January 11
DRY BULK RATES CONTINUED TO TUMBLE LAST WEEK - BRS
With weather-related problems affecting the short-term outlook, and new building deliveries the longer-term picture, dry bulk rates continued to tum ...
Tuesday, 25 January 11
R-POWER TO INVEST $5BN IN INDONESIA - THE TIMES OF INDIA
The Times of India reported that, In what is being seen as one of the largest foreign investments in Indonesia, Reliance Power will infuse $5 billio ...
Monday, 24 January 11
GOVT PROMISES COAL FOR PLN DESPITE PRICE SPIKES - THE JAKARTA POST
The Jakarta Post reported that, the government says state electricity company PT PLN will receive enough coal to fire its power plants, despite pric ...
Monday, 24 January 11
DRY BULK MARKETS DOWNTURN SEES NO RELIEF - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79 ...
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- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
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