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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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Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
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- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
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