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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, 23 August 10
COAL FOR FAST-TRACK PROGRAM ASSURED
Antara and the Jakarta globe reported that, the coal supply for the government’s 10,000 megawatt “fast- track” program was assured ...
Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
COALspot.com: The BDI continued to rise this week by 11.67 pct with the other sectors also keeping the moment. The cape size index also was up by 11 ...
Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
ASEAN Federation of Mining Association (AFMA), an association of mining groups in Southeast Asia, will hold the 9th Asia Pacific Mining Conference a ...
Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
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- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Planning Commission, India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
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