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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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Saturday, 07 August 10
INDIAN COAL IMPORTS WILL PLAY AN IMPORTANT PART IN KEEPING THE FREIGHT MARKET FIRM IN FUTURE - VISTAAR
COALspot.com: The freight market was volatile with market ending firmed and the BDI crossing 2000 points up by 3 pct, however the BCI was up by 14 p ...
Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export ...
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- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
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