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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, 20 April 10
INDO HARUM ENERGY WINS US$200MN LOAN PLEDGE FROM BANK SYNDICATE
Indonesian coal producer PT Harum Energy has secured a loan commitment of US$200 million from a syndicate of six banks.
Bank of Tokyo Mitsubishi ...
Tuesday, 20 April 10
PACIFIC SUPRA MARKET WAS STILL SOFTENING - BRS
A modest increase in dry bulk rates this week with activity picking up in the middle of the week. Panamax rates remain above the Capes, and there wa ...
Monday, 19 April 10
IS CHINA TO SUFFER NEW COAL SUPPLY SHORTAGE IN 2010? - XINHUA
Is China likely to suffer a new coal supply shortage in 2010? It's a question haunting many Chinese market analysts now. After a string of several ...
Monday, 19 April 10
WHITE ENERGY BUYS SA COAL - ABC NET
ABC Net reported that, South Australian Coal Limited is being bought by the New South Wales company White Energy.
Shareholders will get a combine ...
Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
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- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
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