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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 $11,164 next year.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 04 February 11
PERTAMINA DENIES KAREN AGUSTIAWAN RESIGNS FROM PERTAMINA
COALspot.com - The President Director of PT Pertamina, Karen Agustiawan reportedly will replace Darwin Saleh as Minister of Energy and Mineral Resou ...
Friday, 04 February 11
ADARO ENERGY FY10 COAL SALES UP 6 PERCENT TO 43.84 MILLION
As reported by insider stories, Indonesian coal miners PT Adaro Energy Tbk has produced 42.20 million tons of coal in 2010, a 4 percent increase com ...
Thursday, 03 February 11
MERCATOR LINES TO INVEST RS 200-250 CRORE ON COAL MINE IN INDONESIA - ECONOMIC TIMES
Economic Times reported that, Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 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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- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- PTC India Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
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