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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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Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
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- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- CNBM International Corporation - China
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