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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, 24 December 10
DRY BULK OWNERS COULD SOON RECONSIDER SCRAPPING OLDER VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bi ...
Thursday, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED
Press Release – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining ...
Thursday, 23 December 10
CESC EYES COAL MINES IN INDONESIA, S AFRICA - TEHELKA
Company has already set a target of adding 6,000 MW power generation by the end of the 12th Plan in 2017
Tehelka reported that, CESC Ltd, the fla ...
Thursday, 23 December 10
SANTA CLAUSE DID NOT COME EARLY THIS YEAR - FEARNBULK
Handy
Not much fresh enquiry this week and quite dead in Bl.Sea/Med. Nevertheless ...
Thursday, 23 December 10
STERLITE ENERGY LIMITED TO BUY 0.6 MLN MT OF COAL FOR 2011
COALspot.com - Sterlite Energy Limited (SEL) is a part of Vedanta Resources plc , a London listed FTSE 100 diversified metals and mining major with ...
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- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
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