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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
 Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - the odds are clearly against the drybulk sector absorbing the current newbuilding orderbook. The size of the demand/supply mismatch will determine whether dry bulk shipping shall face a soft or hard landing. We all hope for a soft landing but we are bracing ourselves for a hard landing. Once bitten - twice shy!
In 2008, the BDI had reached 11,793 points on 20th May and it fell to 663 points on December 5th of the same year; the speed and the scale of this short-term "crisis" took the shipping industry by surprise. The recovery in 2009 has been also unexpected but welcome; restoring the confidence of all parties involved. Is what we are experiencing today "deja-vu"?
Some years ago, a charter rate of $18,000 per day for a modern panamax was considered to be very robust. Today, the same vessel is chartered at this level but, for some owners, this is NOT necessarily considered a good rate. In other words, we face the paradox that the current market can be interpreted at the same time good for some and modest or bad for other owners, depending on their investment position.
Although rates are well down from the high levels of recent years, historically they are still relatively good and should be profitable, so the market is not bad, but to those who have not been around for the last 20 years they seem low. We should not forget the fact that between 1985 and 2003, BDI ranged between 600 and 2,200 points....
It would be a shot in the dark to try and guess on where the market is heading. But, if the recent plunge of the Baltic Dry Index continues; it is almost certain that, at some point, vessel prices will be forcibly reduced to a level that will be in direct correlation with freight market conditions. Something similar to what the shipping market experienced at the beginning of 2009 - and who would want to lose out again on such a chance to buy low?
Chartering (Wet: Soft- / Dry: Weaker-)
No improvement was noted in the dry bulk market this week, as rates continued to fall across the board pushing the BDI to a more than 14 month low. The BDI today (13/07/2010) closed at 1,790points, a decrease of 50 points compared to Monday’s (12/07/2010) closure, and a drop of 337 points compared to last Tuesday’s levels ( 06/07/2010). Tankers also faced a second consecutive week of dropping rates as demand from the US and Far East continues to drop.
The BDTI, Monday (12/07/2010), was at 789, 35 points down and the BCTI at 812, a decrease of 6 points from last Monday’s levels (05/06/2010).
Chartering
With almost non existent activity noted in the iron ore trade and demand for coal remaining fairly weak, Capes continue on their downward spiral reaching now a more than 14 month low. The steep decline of the fall noted these past 2 months has severely depressed market sentiment making it hard for owners to fight of any further drop, while the large numbers of newbuilding deliveries entering the water every week provides charterers with more than ample tonnage to push rates down further.
Panamaxes continued to lose ground as activity is still at the low end especially in the North Atlantic. The was some improvement in the ECSA market as fresh cargo orders started to apear. However this seemed to be too little too late, as the number of prompt tonnage in the area provide charterers with the leverage they need to soften freight levels further.
A soft week for Handys as well in both the Pacific and Atlantic basins. The larger Supramaxes and Handymaxes mainly saw activity in ECSA as well as off India were some fresh enquiries started to appear. Smaller handysize vessels looked to perform worse this week as activity in the Black Sea/Cont regions dropped further.
Source: intermodal (by Tasos Papadopoulos)
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Friday, 23 July 10
KOWEPO TO IMPORT ADDITIONAL 1.2 MILLION TONS OF INDONESIAN COAL WITHIN 5 MONTHS
Korea Western Power Company Limited has finalized around 1.2 million tonnes of Indonesian origin of coal last week. According to K ...
Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
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- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- MS Steel International - UAE
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- New Zealand Coal & Carbon
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