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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, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- The University of Queensland
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
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