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Wednesday, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had passed. As it turned out yesterday, it hadn’t. The industry’s benchmark, the Baltic Dry Index lost another 3.94% to reach 1,292 points, with the Capesize segment losing 3.05%. But, it was the Panamax market that tumbled the most yesterday, by a whopping 5.08% on a daily basis.
Accroding to a report from BIMCO’s shipping analyst Peter Sand, the current weakness in the Capesize won’t go away anytime soon. “Capesize rates have defied gravity on the back of strong demand for particularly coal but also for iron ore during 2010. This has neutralized some of the downside effects from the heavy inflow of new tonnage into the market. Last year alone, the Capesize fleet grew in numbers by 200 and tonnage wise by 22% and the forecast for this year is an equally challenging supply side growth. With dry bulk demand in 2011 expected to be a little less strong than in 2010 – the freight rate outlook for the Capesize segment is a bit bleak. 20 new Capesize vessels have already joined the fleet in 2011 and with ongoing weather related disruptions not only in Australia – volumes and shipments will be too few to support a significant rate rebound over the coming months” said Sand.
In a separate note, Paris-based shipbroker Barry Rogliano Salles said that “there are some hopes for an increase in activity following the gradual resumption of coal exports in Australia. At the moment Aussie-China rates appeared to have plateaued around US$6.75. Monday saw another small drop in the BCI, while in the FFA market all periods came off with declines greatest for February and March prices”.
BIMCO’s analysis indicated that there are currently 110 Capesize vessels sitting outside the Australian east coast, something which in any other normal case, would be regarded as a healthy picture in terms of freight rates, as actual supply is recuded. “But this time around it merely spells out the trouble and indicates what’s in sight for the large vessels in 2011. Orderings of new Capesize vessels have come relatively down as only 31% of all dry bulk orderings were Capesizes last year. This compares to a relative portion of 50% in the year 2006-2009. Since Capesize freight rates fell below USD 13,000 per day the daily negative change has slowed down and Capesize rates might rest within the interval of USD 7,000-13,000 per day in coming months. As a clear illustration of how bad the situation for the Capesize vessels is, all of the smaller dry bulk segments currently obtain better freight rates than Capesizes. As per 24 January, Capesize average time charter rates were as low as USD 8,665 per day. Meanwhile Panamax earned USD 12,725 per day, Supramax USD 14,789 per day and Handysize USD 11,232 per day.
Even though selected back-haul routes have slipped into negative territory, the time charter averages have not gone that sour. In December 2008 when demand evaporated due to the letters-of-credit issues (and the overall crisis – of course) average T/C rates were as low as USD 2,316 per day. This time around demand is strong as indicated be rising commodity prices – so you should not expect rates to dig that deep” said Peter Sand.
He went on to conclude that such low freight rates are disastrous for ship owners, especially those who are trading in the spot market. According to him, ways out of this would probably be massive demolition of older tonnage, vessels being laid-up like back in the 80’es, postponements of newbuilt deliveries to an even larger extend than what we saw in 2010 and hesitation about signing new contracts for vessels.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 22 February 11
SUPRAMAX MARKET IS IMPROVING IN THE PACIFIC
BRS - A 10% rise in the BDI this week, mostly on the back of Panamax rates and improvements in the Supramax market in the Pacific. For the Capes, ra ...
Monday, 21 February 11
CHURCHILL MINING RECEIVES SIGNIFICANT INTEREST, PROPOSALS TO DEVELOP EAST KUTAI COAL PROJECT - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining has received a number of specific proposals to fund and develop its massive East Kutai coa ...
Monday, 21 February 11
ABOLISH 5% DUTY ON COAL IMPORTS: SHINDE
Indian Express reported that, with acute coal shortage of domestic coal threatening to destabilise its power generation plans, the power ministry ha ...
Saturday, 19 February 11
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market was quite firm this week with freight rates in South east asia and India/Feast almost up by 30 pct.
However towards end ...
Thursday, 17 February 11
COAL-GEN EUROPE 2011 REAFFIRMS THE IMPORTANCE OF COAL
Press Release: The third COAL-GEN Europe conference and exhibition, kicked off on Tuesday 15 February, with leading experts, professionals and compa ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
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