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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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Saturday, 23 October 10
HEAVY RAINS NO DAMPENER FOR 2010 COAL OUTPUT TARGET, MINISTRY SAYS - THE JAKARTA GLOBE
The Jakarta Globe reported that, National coal production would likely meet the target set by the Energy Ministry despite unusually heavy rain this ...
Thursday, 21 October 10
WORLDS FIRST, SINGAPORE EXCHANGE TO CLEAR OTC INDONESIAN COAL SWAP - MONDOVISIONE
Mondovisione reported that, Singapore Exchange (SGX) will be the first exchange in the world to clear over-the-counter (OTC) Indonesian Sub-Bitumino ...
Thursday, 21 October 10
MEC WOOS INDIAN POWER FIRMS FOR 50% STAKE SALE - BUSINESS STANDARD
Business-Standard reported that, Singapore-based MEC Coal plans to rope in an Indian power company as a 50 per cent equity partner. It is believed t ...
Thursday, 21 October 10
CAPESIZE, A FANTASTIC WEEK WITH IMPROVED RATES IN BOTH BASINS - FEARNBULK
Handy Activity remains slow this week combined with a lack of fresh enquiry in the Atlantic. Indexes are all negative except Cape but it is worth no ...
Wednesday, 20 October 10
BLENDING OF IMPORTED COAL AT THERMAL PLANT UP TO 30 % MAY BE ALLOWED - PUNJAB NEWS LINE
Punjab News Line reported that, Indian government is considering allowing increase in the blending ratio of imported coal from 10 to 30 percent at t ...
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- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
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