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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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Tuesday, 09 November 10
NOBLE GROUP APPOINTED AS THE EXCLUSIVE MARKETING AGENT FOR PT. BERAU COAL
COALspot.com: Noble Group Limited has recently been appointed as the exclusive marketing agent for PT. Berau Coal production exported to internation ...
Monday, 08 November 10
INDONESIAN HBA HAS INCREASED TO $ 95.51 PER TON FOR NOVEMBER LOADING
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Sunday, 07 November 10
THE SUPRAMAX INDEX IN THE FAR EAST CONTINUED TO BE UNDER PRESSURE - CAPT. REDDY
COALspot.com: The freight market continued to remain soft and all segments were down by almost about 6 pct.
The BDI and Cape Size index was down ...
Saturday, 06 November 10
DRY BULK MARKET LACKING SUPPORT TO SUSTAIN CURRENT LEVELS, BUT PANAMAX OWNERS ARE MORE FORTUNATE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Posting its fifth straight losing session, the dry bulk market benchmark, the BDI (Baltic Dry Index) was down yesterday by another 1.26% to 2510 poi ...
Friday, 05 November 10
RI COAL EXPORT PROSPECTS STILL BRIGHT - THE JAKARTA POST
The Jakarta Post reported that, Indonesia, already the world’s largest exporter of seaborne thermal coal since 2005, will continue to be a maj ...
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- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
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