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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, 04 March 10
THE INDIAN MARKET WAS STILL STRONG - FEARNRESEARCH
HANDY
Activity has gradually improved in the Atlantic throughout the week. All areas&n ...
Thursday, 04 March 10
GLOBAL COAL PRICES GETS SUPPORT FROM EM DEMAND
Commodity Online reported that, AP12 coal prices look well supported in 2010 thanks to positive outlook for Chinese coal demand whereas coal demand ...
Thursday, 04 March 10
THREE NEW GLOBAL PRICES INDEXES FOR COKING COAL
Commodity Online reported that, On February 26, Energy Publishing Co. broke new ground in the coal-marketing industry when it began publishing three ...
Tuesday, 02 March 10
INDIA WAS AGAIN THE WINNER IN THE EAST, WITH SUPRAMAXES FIXING CLOSE TO US$40,000/DAY FROM THE WEST COAST
There was little movement in the BDI this week but behind the scenes, the Supramax and Handy size segments posted significant gains, correcting the ...
Tuesday, 02 March 10
INDONESIA'S PROTECTED FORESTS NOW OPEN TO DEVELOPMENT
The Jakarta Globe reported that, President Susilo Bambang Yudhoyono has signed a decree to allow mining, power plants and other projects deemed stra ...
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- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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