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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, 25 January 11
DRY BULK RATES CONTINUED TO TUMBLE LAST WEEK - BRS
With weather-related problems affecting the short-term outlook, and new building deliveries the longer-term picture, dry bulk rates continued to tum ...
Tuesday, 25 January 11
R-POWER TO INVEST $5BN IN INDONESIA - THE TIMES OF INDIA
The Times of India reported that, In what is being seen as one of the largest foreign investments in Indonesia, Reliance Power will infuse $5 billio ...
Monday, 24 January 11
GOVT PROMISES COAL FOR PLN DESPITE PRICE SPIKES - THE JAKARTA POST
The Jakarta Post reported that, the government says state electricity company PT PLN will receive enough coal to fire its power plants, despite pric ...
Monday, 24 January 11
DRY BULK MARKETS DOWNTURN SEES NO RELIEF - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79 ...
Sunday, 23 January 11
THE AVERAGE CHARTER RATE FOR CAPE SIZE VESSELS WAS AT $ 8,859 PD ALMOST CLOSE TO 2008 LOWS - VISTAAR
COALspot.com - The BDI continues to drop and saw a drop of about 5 pct this week closing at 1,370 points. “ In May 2010 the BDI touched ...
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- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- White Energy Company Limited
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
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