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