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