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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, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
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- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- PTC India Limited - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- McConnell Dowell - Australia
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