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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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Friday, 07 January 11
SRI LANKA NEW PORT TO OFFER SHIP FUEL IN MAY - LBO
LOB reported that, The Sri Lanka Ports Authority (SLPA) plans to start bunkering or ship fuel operations at a new port in southern Hambantota in May ...
Friday, 07 January 11
DRY BULK MARKET ON A FREEFALL, AS THE NEW YEAR EARLY DAYS DONT BRING MANY CHEERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is facing its worst slump in more than two years, falling by 4.75% yesterday to reach 1,544 points, on top of an additional 4.2% ...
Thursday, 06 January 11
OVERSEAS & GENERAL SIGNS AGREEMENT TO EXPAND FOOTPRINT ON COAL LEASE IN INDONESIA - PROACTIVE INVESTORS
Proactive Investors reported that, Overseas & General (ASX: OGL) has entered into a joint operating agreement on the Jambi Coal Lease in Sumatra ...
Thursday, 06 January 11
BANPU EXPECTS ROSY 2011 AS COAL PRICES SKYROCKET - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, expects minimal impact from the production stoppage at its Daning mine in China ...
Thursday, 06 January 11
COKING COAL CONTRACT PRICE MAY RISE 33% ON AUSTRALIAN FLOODS - BLOOMBERG
Bloomberg reported that, Steelmakers in Asia may be forced to pay as much as 33 percent more for hard coking coal after the worst floods in 50 years ...
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- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- The University of Queensland
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
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