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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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Thursday, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
Wednesday, 19 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Tuesday, 18 January 11
MINISTRY SEEKS COAL FROM INDONESIA - SUNDAY OBSERVER
Sunday Observer reported that, Ministry of Power and Energy is to explore the possibilities of importing quality coal from Indonesia.
Minister Pa ...
Tuesday, 18 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Sunday, 16 January 11
STANCHART GLOBAL RESEARCH SEES COAL PRICE RISING ON SUPPLY DISRUPTION - BURSA MALAYSIA MARKET NEWS
Bursa Malaysia Market News reported that, Standard Chartered Global Research has upgraded its 2011 forecasts for global thermal coal prices based on ...
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- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- White Energy Company Limited
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
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