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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, 02 October 10
FOUR INDONESIAN COAL FIRMS KEEN TO TIE UP WITH NALCO - SIFY
Sify reported that, Four Indonesian coal companies have shown interest to tie up with public sector National Aluminium Company (Nalco) for its 4 bil ...
Friday, 01 October 10
COAL TRADERS POWER FOREIGN ASSET BUYS - ECONOMIC TIMES
Economic Times reported that, the rush to own coal assets is leading to innovative alliances. are teaming up with utilities like , Reliance Power an ...
Thursday, 30 September 10
LOW CALORIFIC VALUE COAL MAY BE SOLD BELOW COAL REFERENCE PRICE IN INDONESIA
COALspot.com: Indonesia, the world’s largest coal exporter has issued another ministerial decree to regulate the selling price of coal of Indo ...
Thursday, 30 September 10
INITIAL PHASE OF MOATIZE MINING BY EARLY NOVEMBER - ALL AFRICA
All Africa report that, the initial phase of mining coal at Moatize, in the western Mozambican province of Tete, will begin by early November, and t ...
Thursday, 30 September 10
THE PANAMAX CONTINUED ITS DOWNWARD TREND FROM LAST WEEK - FEARNBULK
HANDY
Activity remains slow this week combined with a lack of fresh enquiry and tonnage over-supply in the Atlantic. Indexes are all negative exce ...
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- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
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