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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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Thursday, 09 September 10
INDONESIA SWAPS COAL FOR INFRASTRUCTURE - FT
As Asia’s major economies bound forward and their hunger for energy surges over the next decade, Indonesia is strategically positioned to take ...
Thursday, 09 September 10
DRY BULK MARKET IS LOOKING TO INCREASE GAINS ON OCTOBER IRON ORE CONTRACTS
The “success” story that the dry bulk market has been displaying during the past couple of weeks is being materialized as we head toward ...
Tuesday, 07 September 10
INDIA IMPORTS 1.63 MLN T OF COAL FOR THE PERIOD 30 AUGUST - 5 SEPTEMBER - SOURCES
COALspot.com: India has imported 1.07 million tons of power plant coal, 0.520 mln tons of coking coal and around 41,000 mt of Anthracite coal for th ...
Tuesday, 07 September 10
GOVERNMENT DECLARED INDONESIAN COAL PRICE REFERENCE DECLINE FOR THIRD-STRAIGHT MONTH
COALspot.com: Indonesian thermal coal price reference, a monthly benchmark price declared by Ministry of Energy and mineral resources of Repub ...
Tuesday, 07 September 10
MERCATOR TO BUY COAL MINE IN INDONESIA THIS FISCAL
Mercator Lines, India’s second-largest shipping company which has diversified into coal mining, will buy a coal mine in Indonesia with more th ...
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- Meralco Power Generation, Philippines
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
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