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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, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
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- Ministry of Transport, Egypt
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- The Treasury - Australian Government
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- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
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- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
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