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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, 16 February 10
KPMG PENS 6-POINT STRATEGY FOR COAL INDIA RESTRUCTURING
Coal India Ltd (CIL) has appointed KPMG Advisory Services Pvt Ltd to advise on consolidating its position as the country’s prime energy provid ...
Monday, 15 February 10
MINING LAW TO BE REVISED
Law No. 4 of 2009 on mineral and coal mining will be revised after a working visit of the Bangka Belitung (Babel) Provincial legislative assembly (D ...
Monday, 15 February 10
EURO COAL PRICES SOFTEN AS CHINESE LUNAR NEW YEAR HOLIDAYS START
Prices of prompt cargoes of coal for delivery into Europe weakened last week on a lack of European demand and market nerves over the possible impact ...
Monday, 15 February 10
INDONESIAN COAL SUFFERS SETBACK AS SUMATRA RAIL LINE HELD UP AGAIN
State-owned coal miner PT Tambang Batubara Bukit Asam’s $1.06 billion rail project in Sumatra faces more delays, and the cost of the project i ...
Monday, 15 February 10
MEC INFRA TO COMMISSION INDONESIA RAIL PROJECT
A joint venture between Ras Al Khaimah Investment Authority (Rakia) RAK Investment Authority and Minerals Energy and Commodities Holdings, a f ...
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- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
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