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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, 03 September 10
NALCO, INDONESIAN FIRM DIFFER ON COAL SUPPLY TO SMELTER - DNA INDIA
A few days ago, National Aluminium Company (Nalco) advertised in Indonesian newspapers asking for companies to bid for coal supplies for its 500,000 ...
Thursday, 02 September 10
PLN ASKED TO USE LOCAL COAL
Tempo Interactive reportd that, the Indonesian Mining Association Executive Director, Priyo Pribadi, has called on the state-run electricity company ...
Thursday, 02 September 10
NALCO OPEN TO EQUITY DILUTION IN $3.9 BN PROJECT IN INDONESIA
Business-Standard reported that, state-owned Nalco today said it is considering selling stake in its $3.9 billion (over Rs 18,000 crore) aluminium p ...
Thursday, 02 September 10
DRY BULK MARKET GAINS MOMENTUM TO INCREASE, WITH CHINA ONCE AGAIN TO THE RESCUE
With predictions from Chinese officials stating that the country’s iron ore imports during 2010 could surpass the record amounts of 2009, the ...
Wednesday, 01 September 10
STC BAGS NTPC ORDER TO SHIP 12 MT COAL
My Digital FC reported that, The State Trading Corporation (STC) has bagged NTPC’s tender to ship 12 million tonnes coal from Ind&sh ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Australian Coal Association
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