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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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Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
Saturday, 28 August 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS FIRM FOR CAPE AND PANAMAX VESSELS - VISTAAR
COALspot.com: The freight market appeared to be heading for correction with the indices coming off during later part of the week. The BDI closed 44 ...
Saturday, 28 August 10
KRISHNAPATNAM PORT SETS AN ALL INDIA COAL DISCHARGE RECORD
COALspot.com: Krishnapatnam Port has established all new record for coal discharged in India using the conventional system of coal unloading for por ...
Friday, 27 August 10
PAKISTAN WILL IMPORT 8 TO 10 PERCENT MORE COAL IN 2011
COALspot.com: Pakistan to import 4 million ton of coal in 2011 up by 8-10 percent compare to this year’s imports. "Pakistan's tota ...
Thursday, 26 August 10
CHARTERERS SWITCHING FROM PANAMAX TO CAPE STEMS DUE TO CAPE FALL
Handy
The activity picked up in the Atlantic with more enquiries seen for short period tonnage for end August/beg September - As the grain season ...
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- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- GMR Energy Limited - India
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