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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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Friday, 15 October 10
VALUE ADDED TAX FOR COAL TO RE-INTRODUCE IN INDONESIA
COALspot.com: Indonesian government is drafting a ministerial decree to re-introduce value added tax for coal and mineral. Coalindo weekly news lett ...
Thursday, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
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- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- White Energy Company Limited
- Larsen & Toubro Limited - India
- The University of Queensland
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
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