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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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Monday, 27 December 10
RIO TINTO EYES AUSTRALIAN COAL MINER - RTE NEWS
Global resources giant Rio Tinto has made a $3.9 billion bid for Australian coal miner Riversdale.
RTE News reported that, Global resources giant ...
Sunday, 26 December 10
ANGLO SELLS AUSTRALIAN COAL ASSETS - BARCELONA NEWS
Barcelona News reported that, Anglo American has sold off undeveloped Australia coal assets for $577 million.
The global resources giant ha ...
Saturday, 25 December 10
FREIGHT MARKET - LOWEST FIXTURES REPORTED SINCE MID 2009 - CAPT. REDDY
COALspot.com - We wish you a Merry Christmas and a Happy New Year 2011.
The holiday season seems to have severely affected the fr ...
Friday, 24 December 10
CIL SHORTLISTS 21 FIRMS TO IMPORT 250 MT COAL - THE HINDU
The Hindu reported that, Coal India plans to import about 250 million tonnes (mt) over the next 10 years to meet the country's growing requirement. ...
Friday, 24 December 10
DRY BULK OWNERS COULD SOON RECONSIDER SCRAPPING OLDER VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bi ...
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- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Agrawal Coal Company - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
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