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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, 02 August 10
DRY BULK MARKET NEEDS TO FIND ADDITIONAL SUPPORT IN AUGUST
The dry bulk market ended another week of rebounding, posting on Friday its 11th straight rise. Still, as analysts point out the rate of this rise h ...
Monday, 02 August 10
LINC, ADANI COMPLETE THEIR COAL CONNECTION
"THE much-speculated deal between underground coal gasification company Linc Energy and India's Adani Enterprises is set to be signed tomorrow ...
Saturday, 31 July 10
TABONEO ANCHORAGE TO LOAD 1.5 MLN TON OR MORE COAL IN H1 AUGUST
COALspot.com: Eighty five ocean going vessels and barges have been nominated by coal buyers to their respective suppliers in Indonesia to load about ...
Saturday, 31 July 10
SEEMS THE FREIGHT MARKET WOULD BE FAIRLY STABLE FOR H2 2010 - VISTAAR
COALspot.com: The BDI continued moving up since 16th July and rise by 14 pct almost touching 2000 points.
The BDI was up by 7.72 pct last week wh ...
Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
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- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- The University of Queensland
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Ministry of Mines - Canada
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