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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 $16,000 now in July.
According to recent comments from Piraeus-based shipbroker Cotzias, “it seems that the overexcitement that led owners to order more dry cargo new buildings will only put more pressure on a market that had previously been alive but with what proved to be “mechanical and medical support”!!! The freight levels that were in excess of 30k per day, made everyone think that the newbuilding price for a Kamsarmax is value for money, and yes it could well be… but what will happen if the current dropping freight market continues at this pace for another 2 months? And 2 months with the excess volatility of the current markets seems like a long time, in which time, will the dry market face freight levels that will be adequate to cover the break even daily operating expenses including basic loan repayments? And what can be easily said to be the breakeven levels of these days, especially for ships that were acquired during 2008 and 2007? We are cautious to the extent that the headache of newbuilding orders has been cured by a regular daily feed of strong pain killers… One “blessing” was we believe the lesson we have all learnt from the container market that recently only started to push away from the “bottom” and the fact that over the past 1.5 years it has taught us that pricing at marginal cost is unsustainable, as vessels start getting laid up before long” concluded Cotzias.
Source: Nikos Roussanoglou, Hellenic Shipping
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Saturday, 18 September 10
ECI / CHINA FREIGHT ROUTE DOWN BY 1.22 PCT OR US$ 225 PER DAY AND CLOSED AT US$ 18,123 PER DAY - VISTAAR
COALspot.com: The BDI was under pressure this week and was almost down by 11 pct and closed at 2676 points.
The Cape and Panamax index was almost ...
Friday, 17 September 10
CWP COAL WASHING PLANTS MACHINERY LANDS ON RUSSIAN MARKET!!
Press Release: CWP Coal Washing Plants Machinery Industry & Trade Co. which was founded in 1990, has been operating in Izmir with its closed pro ...
Friday, 17 September 10
FREIGHT RATES TO DECLINE FURTHER - ICICI SEC
Broking firm ICICI Securities said tanker freight rates reported a sharp drop with rates of Suezmax and Aframax carriers declining by 16% to USD 8,6 ...
Friday, 17 September 10
R-POWER, ADANI, GMR TO BID FOR $1-BN MINE
Reliance Power, Adani Power and GMR are in the race for a coal mine asset in Australia. The valuation of the asset is close to $1 billion (Rs 4,600 ...
Thursday, 16 September 10
RPG GROUP BUYS 10% IN AUSSIE COAL FIRM RESOURCE GENERATION
Dealcurry reported that, India's RPG Group's Integrated Coal Mining Limited (ICML) has acquired 10% stake (18,268,053 shares) in Resource Generati ...
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- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
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