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Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
 Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) gaining once again on Thursday, to reach 1942 points (up by 41 on a daily basis), or 2.16 percent. This was the 10th straight session of increases, despite the fact that most analysts appear rather pessimistic on the short-term prospects of the market. Another conclusion from yesterday’s market, was the continued rebounding trend of the capesize segment, with the respective Capesize Index gaining a further 85 points or 4.72 percent. As a result, average daily freight rates have edged higher than the $12,500 mark they had been in the past days, to $14,443.
This rebound has been triggered by a firmer iron ore demand and a restocking taking place in China, as a result of a better looking steel market. Shipbrokers estimate that currently low spot prices for iron ore, not to mention freight rates are causing more cargo purchases from steel mills, looking to take advantage of the situation. For the moment, nobody can rule out a double dip of the market, but it seems that for now, dry bulk ship owners are out in the clearing. Meanwhile, FBR Capital Markets said, in comments quoted by Reuters, that the fourth quarter of 2010 is likely to support a healthier iron ore trade, as contracts for the raw material are likely to more closely reflect spot prices in that period, rather than in the third quarter.
But, apart from cargo demand trade patterns and seasonality, the main concern of the market is the oversupply issues it faces, in terms of new tonnage delivered. According to ICAP Shipping, the dry bulk fleet expanded by some 340 ships amounting to 32 millon dwt in the first half of this year after allowing for the limited number of scrappings and other removals (some 46 ships of 1.6 million dwt). At the same time a large number of ships were contracted for future construction (346/31.2 million Dwt). This rapid expansion in the fleet - some 54 million dwt (+13%) over the past 12 months has been a primary factor in the decline in earnings since May this year which have slumped from typically $48,000 pd for a Cape to $16,000 now in July.
According to recent comments from Piraeus-based shipbroker Cotzias, “it seems that the overexcitement that led owners to order more dry cargo new buildings will only put more pressure on a market that had previously been alive but with what proved to be “mechanical and medical support”!!! The freight levels that were in excess of 30k per day, made everyone think that the newbuilding price for a Kamsarmax is value for money, and yes it could well be… but what will happen if the current dropping freight market continues at this pace for another 2 months? And 2 months with the excess volatility of the current markets seems like a long time, in which time, will the dry market face freight levels that will be adequate to cover the break even daily operating expenses including basic loan repayments? And what can be easily said to be the breakeven levels of these days, especially for ships that were acquired during 2008 and 2007? We are cautious to the extent that the headache of newbuilding orders has been cured by a regular daily feed of strong pain killers… One “blessing” was we believe the lesson we have all learnt from the container market that recently only started to push away from the “bottom” and the fact that over the past 1.5 years it has taught us that pricing at marginal cost is unsustainable, as vessels start getting laid up before long” concluded Cotzias.
Source: Nikos Roussanoglou, Hellenic Shipping
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Sunday, 28 November 10
FREIGHT MARKET SEEMS TO BE NERVOUS - VISTAAR
COALspot.com - The freight market continued to remain uncertain even though only cape index was down by 8.31 pct.
Overall the market seems to be ...
Friday, 26 November 10
INDIA WILL IMPORT 100 MLN TONS OF COAL BY 2012 - LAKSHMINARAYANA
COALspot.com – “India’s coal shortfall will reach 100 million mt by 2011-12”, said Lakshminarayana, Vice Preside ...
Friday, 26 November 10
CHINAS COAL INVENTORY STAYS HIGH FOR 22 MONTHS AT 220 MLN T, ASSOCIATION
Xinhua News Agency reported that, China’s coal inventory has stayed high and unchanged for 22 months to be around 220 million tonnes, reflecti ...
Friday, 26 November 10
DR WOLFGANG CIESLIK TO HEAD GERMAN COAL IMPORTERS ASSOCIATION
COALspot.com – (Press Release): The Management Board of the German Coal Importers Association (Verein der Kohlenimporteure e.V.) has elected D ...
Thursday, 25 November 10
ANALYSIS: COAL SECTOR: VALUE EMERGENCE - THE JAKARTA POST
Coal demand will remain firm due to a build-up of coal-fired power plants in India, China and Indonesia. As a result, we have upgraded our coal pric ...
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- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- The University of Queensland
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
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