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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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Friday, 16 April 10
RBCT COAL DISPUTE RESOLVED - MININGMX
Miningmx reported that, the long-simmering spat over the coal allocation for producers who will use the expanded facilities at Richards Bay Coal Ter ...
Friday, 16 April 10
COAL INDIA SELECTS MERCHANT BANKERS TO ACQUIRE OVERSEAS ASSETS -THE HINDU
An investment of about $1.8 billion is expected to be made in these deals
The Hindu reported that, Bank of America-Merill Lynch, Royal Bank of Sc ...
Thursday, 15 April 10
MAJOR THERMAL COAL CONTRACT AT 40% HIGHER PRICE THAN LAST YEAR - BUSINESS STANDARD
Business-Standard reported that, India is expected to import nearly 60 million tonnes of thermal coal this year.
After coking coal and iron ...
Thursday, 15 April 10
RICHARDS BAY ROUNDS BACK TO INDIA SUPRAS WERE FIXED AT MID 20'S
Handy
The BSI remains in a positive momentum and the Atlantic remains unchanged from last week. Fronthaul grain is active which is keeping ballast ...
Thursday, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
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- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Planning Commission, India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- The University of Queensland
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Eastern Energy - Thailand
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