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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, 04 November 10
CAPE SIZE SENTIMENT FOR THIS WEEK WAS NEGATIVE - FEARNBULK
Handy
The Atlantic markets remain flat and lackluster. High volume of tonnage availabi ...
Thursday, 04 November 10
GVK TALKS WITH MEC FOR INDONESIAN MINES DEAL - DNA INDIA
As reported by DNA India, GVK Power and Infrastructure on Wednesday said it is in talks with Gulf-based MEC Coal to buy its coal mines in Indonesia, ...
Wednesday, 03 November 10
PANAMAX SIZE DRY-BULK CARRIER MARKET IS STRONG - GERSON LEHRMAN
Panamax class vessels have been part of the fluctuation of the broader current dry bulk market. They have experienced occasional steep movements, du ...
Tuesday, 02 November 10
ADDED VALUE REMAINS STAGNANT - MAJALAH TAMBANG
The improvement of added value of mining products in accordance with mandate of the mining law has not been visible. Minerals and coal are still exp ...
Saturday, 30 October 10
THE SUPRAMAX FREIGHT MARKET THIS WEEK REMAINED ALMOST AT LAST WEEK LEVELS - VISTAAR SINGAPORE
COALspot.com: The freight market this week remained almost at same levels except for Panamax index which was up by 191 points.
The feast/SE Asia ...
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- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
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- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
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- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
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- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
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- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
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- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Mjunction Services Limited - India
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