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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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Friday, 04 February 11
PERTAMINA DENIES KAREN AGUSTIAWAN RESIGNS FROM PERTAMINA
COALspot.com - The President Director of PT Pertamina, Karen Agustiawan reportedly will replace Darwin Saleh as Minister of Energy and Mineral Resou ...
Friday, 04 February 11
ADARO ENERGY FY10 COAL SALES UP 6 PERCENT TO 43.84 MILLION
As reported by insider stories, Indonesian coal miners PT Adaro Energy Tbk has produced 42.20 million tons of coal in 2010, a 4 percent increase com ...
Thursday, 03 February 11
MERCATOR LINES TO INVEST RS 200-250 CRORE ON COAL MINE IN INDONESIA - ECONOMIC TIMES
Economic Times reported that, Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 43.825 - 54.781 ...
Thursday, 03 February 11
DRY BULK MARKET LOOKS SET TO BOTTOM OUT NIKOS - ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market having lost more than 72% of its value in the last month or so and having retreated to a 2-year low, it seems that the bott ...
Wednesday, 02 February 11
INDONESIA MAY MISS COAL EXPORT TARGET IN 2011
COALspot.com - Indonesian Trade ministry has instructed independent surveyors temporarily not to issue pre-shipment survey report (LS) to the compan ...
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- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- GMR Energy Limited - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
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