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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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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Marubeni Corporation - India
- The University of Queensland
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
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