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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 $48,248/day - well above operating costs and historically a very robust rate” said Landsberg.
In the short-term though, Chinese demand for thermal coal is expected to remain robust as China enters peak summer demand season and the economy continues to expand at a rapid pace. In addition, the commencement of Indian monsoon season will result in China needing to import more iron ore from Australia and Brazil which will lend additional support to Capesize freight rates. A decrease in Indian iron ore exports, which are normally carried on Supramax and Panamax vessels, will be partially offset by an increase in Chinese grain imports. Overall, dry bulk cargo demand is in a bit of a lull, but thermal coal and grain demand remain robust and iron ore demand is still firm.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry ...
Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
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- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
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