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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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Thursday, 08 April 10
NAPOCOR GETS ONE OFFER AT COAL TENDER - ABS CBN
ABS- CBN News reported that, Philippine power producer National Power Corp. (Napocor) is likely to buy 50,000 tons of steam coal from PT Berau Coal ...
Wednesday, 07 April 10
DRY BULK MARKET LOOKING FOR DIRECTION
The dry bulk market has kept a low profile during the past week, as evidenced by the small changes of a usually rather turbulent Baltic Dry Index (B ...
Tuesday, 06 April 10
NEWCASTLE COAL EXPORTS RISE 24%, SHIP QUEUE SHORTENS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power st ...
Tuesday, 06 April 10
UAE STEEL TRADERS FEAR LOSSES ON GLOBAL HIKE
A sudden spurt in the price of iron ore in the international market has caught local steel traders and manufacturers and a host of other steel-depen ...
Tuesday, 06 April 10
ASIAN INVESTORS EYE NIGERIA MARITIME INDUSTRY
Investors from the Asian region are considering investing in the Nigerian maritime sector, which has huge opportunities and potential. One of such p ...
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- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
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