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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, 21 November 10
THE FREIGHT MARKET MAY SLIGHTLY FIRM UP NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market continued its down fall with BDI down by 6.83 pct and closed at 2,155 points.
According to Vistaar Shipping of S ...
Saturday, 20 November 10
ITALIAN STEAM COAL MARKET HAS RECOVERED - ITALIAN COAL ASSOCIATION
Press Release - This year Italy will import 17 million tons of steam coal, up 3% from 2009, and 5.5 million tons of coking coal and PCI, up 37% over ...
Friday, 19 November 10
WE'LL THINK ABOUT COAL TOMORROW - ANALYSIS
The future of coal generation in Russia is in question. The largest energy companies have abandoned their initial plans to switch their therma ...
Friday, 19 November 10
DRY BULK MARKET ON THE ROPES WITH BDI PLUNGING TO 2,164 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the panamax markets suffering the most this week, but a ray of hope for the capesize market, which appears to be stabilizing after days of fall ...
Thursday, 18 November 10
WORLD COAL ASSOCIATION WELCOMES NEW CHAIRMAN & SHENHUA GROUP AS NEW MEMBER 17 NOVEMBER 2010
Press Release – The premier global coal industry association marks its 25th anniversary with a new Chairman and welcomes China’s lar ...
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- Interocean Group of Companies - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
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