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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, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Australian Coal Association
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- The University of Queensland
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
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