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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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Wednesday, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
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- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
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