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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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Saturday, 22 January 11
POSSIBLE COAL EXPORT RESTRICTIONS ON INDONESIA UNLIKELY TO AFFECT CHURCHILL MINING - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining moved to reassure investors after a fall in its share price, stating that from talks with the au ...
Thursday, 20 January 11
INDONESIA MAY BAN LOW-QUALITY COAL EXPORTS FROM 2014 - BLOOMBERG
Bloomberg reported that, The Indonesian government plans to ban exports of coal with an energy value of less than 5,600 kilocalories a kilogram star ...
Thursday, 20 January 11
SUPRAS ARE DOING USD 7- 8K FOR INDONESIA-INDIA - FEARNBULK
Handy
Negative sentiment for forward positions in the Atlantic market due to lack of cargo availability and too many ballasters from the East. Con ...
Thursday, 20 January 11
ITMG TARGETS TO PRODUCE 25 MILLION TONS OF COAL THIS YEAR - BISNIS INDONESIA
Bisnis Indonesia reported that, Coal producer PT Indo Tambangraya Megah Tbk (ITMG) targets to produce 25 million tons of coal this year, a 13. ...
Thursday, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
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- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Australian Coal Association
- Indian Energy Exchange, India
- The Treasury - Australian Government
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
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