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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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- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
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