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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, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
Tuesday, 25 May 10
KALIMANTAN COAL RAIL PROJECT RUNS INTO COST DELAY - THE JAKARTA GLOBE
The Jakart globe reported that, A$1.5 billion coal rail and port project planned for Central Kalimantan may be delayed by a year after a review of t ...
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- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
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