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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, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
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- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
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