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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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Thursday, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED
Press Release – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining ...
Thursday, 23 December 10
CESC EYES COAL MINES IN INDONESIA, S AFRICA - TEHELKA
Company has already set a target of adding 6,000 MW power generation by the end of the 12th Plan in 2017
Tehelka reported that, CESC Ltd, the fla ...
Thursday, 23 December 10
SANTA CLAUSE DID NOT COME EARLY THIS YEAR - FEARNBULK
Handy
Not much fresh enquiry this week and quite dead in Bl.Sea/Med. Nevertheless ...
Thursday, 23 December 10
STERLITE ENERGY LIMITED TO BUY 0.6 MLN MT OF COAL FOR 2011
COALspot.com - Sterlite Energy Limited (SEL) is a part of Vedanta Resources plc , a London listed FTSE 100 diversified metals and mining major with ...
Wednesday, 22 December 10
PEABODY ENERGY TO SOURCE INDONESIAN COAL FROM PT SUPRA BARA ENERGI (SBE) - COAL GEOLOGY
Coal Geology reported that, Peabody Energy has entered into an agreement to source coal from PT Supra Bara Energi (SBE), which will be sold on the e ...
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- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
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