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