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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, 13 April 10
CHINA COAL SEEING 'STRONG DEMAND,' PUDA COAL CFO SAYS - BUSINESS WEEK
Business Week reported that, China coal prices will increase this year as the nation’s industry expands and a drought in the southwest region ...
Tuesday, 13 April 10
PEABODY, COAL INDIA CONFIRM 'EARLY STAGE' TALKS - MINING WEEKLY
Mining Weekly reported that, US coal-miner Peabody Energy is holding discussions with Coal India, the company said on Monday, after an Australian ne ...
Tuesday, 13 April 10
ANGLO PREDICTS HIGH COAL PRICES, STEADY SUPPLY
Busrep / Reuters reported that, Coal prices were expected to remain strong this year, while exports would match last year's despite rail cons ...
Tuesday, 13 April 10
THE PANAMAX MARKET CONTINUED TO STRENGTHEN - BRS DRY BULK
Panamax rates continue to beat the market, and the Panamax 4TC is now trading at a 25% premium to the Cape 4TC — the biggest margin since the ...
Monday, 12 April 10
INDIA'S NALCO TO INVEST BIG IN INDONESIA'S ALUMINIUM PROJECT - BERNAMA
Bernama reported that, India's state- owned National Aluminium Company Ltd (Nalco) is to pump in massive investment to set up a aluminium smelter a ...
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- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- The University of Queensland
- PTC India Limited - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- White Energy Company Limited
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
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