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Friday, 28 January 11
DRY BULK MARKET CLOSING IN TOWARDS CRISIS LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The trials and tribulations of the dry bulk market seem to have no end during the first month of 2011, as the industry’s benchmark, the Baltic Dry Index, is ending yet another week of violent falls, with yesterday’s session bringing the market down to just 1,186 points, losing an additional 3.89% on a daily basis.
It’s pretty obvious by now that the Australian floods saga, coupled with a neverending overcapacity of tonnage is “drowning” freight rates. At this rate, some owners have already began to consider even the solution of layup of some of their vessels, a phenomenon which we haven’t seen since the 2008 and early 2009 global financial meltdown, which brought world trade to a major halt.
Taking a look at the panamax market for instance comes to show the problem. According to Fearnley’s latest weekly report “the Panamax market is heading due South with increasing speed as the Atlantic market definitely has lost its strength both for rounds and fronthaul.
The increasing amount of ballasters appearing from the F.East both for ECSA and for USG are not met by many fresh minerals or grain orders. TA rounds descending towards the 10k/day level and trips Feast approaching 20k. In the Pacific the atmosphere remains weak and rates are hovering between 7k and 9k/day. The Charterers are comfortably in the driving seat holding back their fixing, but the market got a further negative tone as Korea Line were applying for court protection earlier this week. Adding an anticipated slow down before the Chinese New Year and a slowly but steady sliding FFA market the sentiment is clearly beyond bearish”, said the shipbroker.
Similarly, on the Capesize front it mentioned that “continuing full- or part-absence by major Brazilian and Australian miners, combined with the long-awaited collapse of the first sizeable operator, is adding desperation and increased uncertainty to an already miserable segment. The bottom seems to be reached on the WAust/China trade, where prevailing usd 6.65-6.75 pmt is not by far enough to cover operating expenses. With numbers of ballasters on the rise, the Brazil/China fronthaul levels become under increased pressure - down 10% w-o-w to some usd 20k. Short-term outlook remains grim as Chinese New Year celebrations come close - although a mere few brave operators dare buck the trend and book tonnage for short/medium period. 180kdwt/built 2005 done for 4-6 months at usd 16250, 174kdwt/built 2007 done for 5-7 months at usd 18k - both basis spot FEast delivery”, Fearnley’s concluded.
Meanwhile, during the past few days, a series of analysts have given out their estimates for the course of dry bulk freight rates. Dahlman Rose is among the more optimistic one, saying that Capesize earnings will average $35,000 during 2011, up from last year’s $31,000/day. As for other smaller ship types, the group’s analysts believe that they will receive downward pressure. For instance average daily earnings for Panamaxes (and Kamsarmaxes for that matter) will fall to $22,000 from $24,125 during 2010. For the Supramaxes it expects rates to be at $20,000, down from last year’s $20,875, while for the Handy sector it places average rates at $15,000, from $17,675 during 2010.
As for estimates given out by Cantor Fitzerald, Capes are expected to average $23,000, from last year’s $26,500, while Panamaxes will average $19,000 from $21,000. As for the Handymax sector, it’s expected at $16,500 for 2011 (down from $18,000). The analyst gave out predictions for 2012 as well, saying that Capesize earnings will drop even further to average $22,000, while Panamaxes will earn $17,200, Handymaxes $15,250 and Handysizes are set out to average $13,000, down from $14,000 which is the expected 2011 average daily rate.
In yet another prediction, this time from Baltic Exchange itself, Capes are expected to average $26,629 this year and $21,125 in 2012, Panamaxes are set for $20,555 in 2011 and $16,210 in 2012, while Handysize are looking for $12,760 this year and $11,164 next year.
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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- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
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