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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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Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
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- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
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