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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, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
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- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Planning Commission, India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
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