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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, 27 January 10
PEABODY ENERGY EYES 'RED HOT' ASIAN COAL DEMAND
US miner Peabody Energy has seen already-strong Asian markets become “red hot”, as demand for metallurgical and thermal coal strains sup ...
Wednesday, 27 January 10
KOLKOTTA BASED POWER UTILITY CESC LOOKING FOR 100,000 MT OF COAL FOR MAY & JUNE DELIVERY
COALspot.com (India): Kolkotta based power utility CESC, the flagship company of the diversified RPG group of India, has issued a closed tender to b ...
Tuesday, 26 January 10
FREIGHT COST ERODES INDIA CEMENTS NET
"Freight cost increased from an average of around 14% of sales in the previous quarters to around 20% in the third quarter"
The Decembe ...
Tuesday, 26 January 10
VITOL BUYS EXPORT SPACE AT COLOMBIA SANTA MARTA PORT
Global energy trader Vitol has signed a four-year deal to take export capacity at Colombia's 3 million tonnes a year Carbonsan port in Santa Marta, ...
Tuesday, 26 January 10
AUSTRALIAN FIRM TO MINE COAL IN WEST BENGAL
India Resources Ltd (IRL), a mining firm listed on the Australian Stock Exchange, has decided to enter into contract mining of coal in
India ...
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- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Planning Commission, India
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