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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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Saturday, 20 November 10
ITALIAN STEAM COAL MARKET HAS RECOVERED - ITALIAN COAL ASSOCIATION
Press Release - This year Italy will import 17 million tons of steam coal, up 3% from 2009, and 5.5 million tons of coking coal and PCI, up 37% over ...
Friday, 19 November 10
WE'LL THINK ABOUT COAL TOMORROW - ANALYSIS
The future of coal generation in Russia is in question. The largest energy companies have abandoned their initial plans to switch their therma ...
Friday, 19 November 10
DRY BULK MARKET ON THE ROPES WITH BDI PLUNGING TO 2,164 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the panamax markets suffering the most this week, but a ray of hope for the capesize market, which appears to be stabilizing after days of fall ...
Thursday, 18 November 10
WORLD COAL ASSOCIATION WELCOMES NEW CHAIRMAN & SHENHUA GROUP AS NEW MEMBER 17 NOVEMBER 2010
Press Release – The premier global coal industry association marks its 25th anniversary with a new Chairman and welcomes China’s lar ...
Thursday, 18 November 10
MUNDRA PORT AWARDED BEST PRIVATE PORT - COMMODITY ONLINE / HELLENIC SHIPPING
Adani Group owned, Mundra Port has been awarded the Annual Indian Maritime Gateway Award for the Best Private Port of the Year for the third consecu ...
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- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- White Energy Company Limited
- Posco Energy - South Korea
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
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