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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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Thursday, 25 November 10
INDONESIAN ROUNDS ARE ACHIEVING IN THE LOW 10S, OWNERS ARE NOT KEEN FOR TRIPS TO INDIA - FEARNBULK
HANDY
Uneventful week - Supra/Panamax stems ex USG to China/Korea/Japan are the main focus + grains ex. Argentina. The Atlantic market activity re ...
Thursday, 25 November 10
JSW ENERGY BUYS CANADIAN COAL FIRM FOR $411 MN - NDTV PROFIT
NDTV Profit reported that, Sajjan Jindal-owned JSW Energy on Wednesday said it has entered into an agreement to buy out British Virgin Islands-based ...
Thursday, 25 November 10
DRY BULK MARKET STILL GOING STRONG THIS WEEK, CAPESIZE SECTOR LOSING STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum yesterday, with the industry’s benchmark, the Baltic Dry Index (BDI) gaining a further 0.64% to e ...
Wednesday, 24 November 10
COAL PRODUCTION PREDICTED TO CLIMB IN SUNNIER 2011 - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal producers are expected to increase output by 13 percent in 2011, thanks to predicted better ...
Monday, 22 November 10
RUSSIA'S KTK HAS PRODUCED 4.59 MLN TONNES OF COAL IN FIRST 9 MONTHS OR AN INCREASE OF 5% YEAR-ON-YEAR
COALspot.com (Press Release) - KTK has produced 4.59 mln tonnes of coal in first nine months or an increase of 5% year-on-year.
Kuzbasskaya Topli ...
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- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Interocean Group of Companies - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Planning Commission, India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
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