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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, 11 August 10
CAPESIZE MARKET ON RECOVERY MODE
The dry bulk market, usually dormant in August, has returned on a high note this week, after last week’s gains. Monday proved to be rather buo ...
Wednesday, 11 August 10
BANPU SECURES TAKEOVER LOAN - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, has secured loans worth US$2 billion from Thai and foreign banks to proceed with ...
Tuesday, 10 August 10
KOREA'S EWP TO BUY 4 MILLION TON OF 3700 AND 4600 NAR COAL AT FIXED PRICE
COALspot.com: Korean utility East-West Power out with the tender to buy 0.670 million tons with a minimum calorific value of 4600 NAR and 0.350 mill ...
Tuesday, 10 August 10
COAL CONSTRAINS CORE SECTOR GROWTH IN JUNE 2010
Growth in the six key infrastructure sectors decelerated for the third month in June. This is primarily due to last year’s high base effect. D ...
Sunday, 08 August 10
SOUTH AFRICA INCREASES COAL EXPORTS TO INDIA BY 74% IN JULY, TRADER SAYS
South Africa’s Richards Bay, the continent’s largest coal terminal, increased sales to India by 74 percent in July from June, according ...
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- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Planning Commission, India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- The University of Queensland
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
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