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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 $48,248/day - well above operating costs and historically a very robust rate” said Landsberg.
In the short-term though, Chinese demand for thermal coal is expected to remain robust as China enters peak summer demand season and the economy continues to expand at a rapid pace. In addition, the commencement of Indian monsoon season will result in China needing to import more iron ore from Australia and Brazil which will lend additional support to Capesize freight rates. A decrease in Indian iron ore exports, which are normally carried on Supramax and Panamax vessels, will be partially offset by an increase in Chinese grain imports. Overall, dry bulk cargo demand is in a bit of a lull, but thermal coal and grain demand remain robust and iron ore demand is still firm.
Source: Nikos Roussanoglou, Hellenic Shipping
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Saturday, 15 May 10
THE AVERAGE CHARTER HIRE FOR CAPE REACHES US$ 49,931 PER DAY - VISTAAR SINGAPORE
COALspot.com: "The freight market was extremely buoyant this week with BDI almost up by 9 pct and the market was very firm in Feast/SE Asia sec ...
Saturday, 15 May 10
DRY BULK MARKET POSTS HEALTHY WEEKLY GAINS
The dry bulk market has reached new highs this week, the second consecutive solid one, with the industry’s benchmark, the Baltic Dry Index (BD ...
Friday, 14 May 10
JSW BUYS COAL MINES IN US, PRODUCTION STARTS IN SEPT
JSW Steel on Friday said it has completed $100 million acquisition of coking coal assets in the US and will start production from September to parti ...
Friday, 14 May 10
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL PROJECTS - PROACTIVE INVESTORS
Proactive Investors reported that, Kangaroo Resources (ASX: KRL) is preparing to complete the acquisition of its five outstanding Indonesian coal pr ...
Thursday, 13 May 10
CHINA CONCERNS TO TEST RAW MINERALS - THE AUSTRALIAN
The Australian reported that, COMMODITY prices will remain volatile and drop from recent highs as China's appetite for raw materials softens. James ...
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- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Star Paper Mills Limited - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
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