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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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Monday, 05 April 10
RI TO SET REFERENCE FOR COMMODITIES - THE JAKARTA POST
The Jakarta Post reported that, Indonesia is set to help establish global reference prices for mining and agricultural commodities, with the establi ...
Monday, 05 April 10
MARCO POLO MARINE SECURES US$20 MILLION 4-YEAR COAL TRANSSHIPMENT CONTRACT
COALspot.com: Accordign to Mraco Polo Marine website, Singapore Exchange Mainboard-listed Marco Polo Marine Ltd, a growing integrated marine logisti ...
Saturday, 03 April 10
SHIPS OPENING FAREAST CONTINUE TO BE STRUGGLING FOR CARGOES - VISTAAR
COALspot.com: The dry bulk freight market continues to be under pressure and all the indices were down this week except for Cape size index which wa ...
Friday, 02 April 10
XSTRATA RAISES BENCHMARK COAL PRICE AS MUCH AS 40% - BLOOMBERG
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used for power, raised benchmark prices for the fuel to an unidenti ...
Thursday, 01 April 10
OWNERS WERE STILL BULLISH ON SHORT PERIOD NUMBERS, BUT CHARTERERS IN GENERAL WERE NOT READY TO PAY - BRS
SUPRA / HANDY
After several weeks of a rising market, the BSI lost 9% last week to close on Friday at US$ 27,677 per day for the TC routes. ...
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- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- White Energy Company Limited
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
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