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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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Tuesday, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Planning Commission, India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- The University of Queensland
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
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