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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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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- The University of Queensland
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
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