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Friday, 20 November 09
DRY BULK SHIP OWNERS HOPE RALLY WILL LAST
 Boon times are still on the daily agenda of every dry bulk ship owner these days after one of the toughest year in the industry’s century-old history. Yesterday, the Baltic Dry Index, a leading gauge which tracks the cost to hire a dry bulk carrier, hauling commodities such as iron ore and coal, kept its upwards momentum, albeit it showed the first signs of fatigue after almost eight weeks of rallying.
The BDI ended at 4,661 points, up by 18, but the Capesize sector posted its first daily drop in many days, with the relative index (BCI) now at 8,056, down by 187 points. Still average daily time charters for capesizes stand at $ 87,118, close to this year’s highs.
According to Jim Wong, an analyst with Nomura Holdings of Hong Kong, the Baltic index will average 4,000 points in 2010. In a relative report he mentioned that the 4,000 level implies all contracts are profitable. He also added that “we reiterate our bullish view on the dry-bulk shipping sector, as we expect dry demand, mainly from China, will continue to improve, coupled with less-than-expected supply resulting from order-book delays and cancellations.”
Those are the good news thus far, since the market has raced towards the end of year, a rally which helped some owners find their optimism, book some good deals and boost their finances. But, once again, this latest rally of more than 450% from the beginning of 2009 has been fuelled by Chinese iron ore imports and ship congestion in key ports of China, Australia and Brazil. As everyone in the market knows, this factor is quite volatile and as soon as iron ore stocks in China are replenished, the BDI could very well head the opposite direction.
This time more than ever, it’s imperative for owners to scrap their older vessels, as they will compete with their younger ones, as soon as they are delivered. According to Peter Norfolk, director at SSY Consultancy and Research, who was quoted by Bloomberg, at the start of 2009 about 170 Capesize vessels were on order for delivery this year alone. However, net new ship availability amounts to just 35 vessels currently, as a result of scrapings, congestion and the fact that some greenfield shipyards have either not been built or have not delivered on schedule.
About 300 Capesize vessels were on order for 2010, Mr Norfolk said, but there was huge uncertainty over how many would be delivered.
Meanwhile, it is estimated that a total of 600 new building orders have been cancelled by ship owners. Out of them, about 400 ships or 65% are dry bulk carriers, with reportedly 120 of them Capesizes. however, this doesn’t mean much, as most yards continued building the vessels, in hopes of finding other buyers, which in fact has been the case with many Chinese owners, who are backed by local banks and of course the government.
Another interesting factor is that the main volume of cancellations occurred until May. Since then, the rate of cancellations was practically erased, with virtually no other cancellations, apart from a handful of tankers and container ships. Still, China alone seems to be able to support the market, as the country is investing in public works, which alone is a boost for demand of raw materials, while the real estate market is also on the rise.
As long as other economies return to the market, with the exit from the recession slowly becoming a reality (Singapore was another country which declared its economy is now out of the recession), dry bulk owners will have more things to cheer about.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Wednesday, 16 December 09
COECLERICI EYES SECOND RUSSIA COAL MINE
* CEO says "seriously considering" mid-small size purchase
* Will use mine to increase exports to Asia
* Says delays at ports will not c ...
Wednesday, 16 December 09
INDONESIA'S FIRST PRIVATE RAILWAY TO BOOST RAK'S MINING INTERESTS
MEC infra to invest $1b in construction of 130-km transport link
A 130-kilometre railway that will ease the transport of raw materials and finish ...
Tuesday, 15 December 09
KOMIPO HAS ISSUED A NEW TENDER FOR 30000 MT OF 5200 NAR KCAL/KG COAL
COALspot.com (South Korea): South Korean state-owned utility Korea Midland Power (KOMIPO) has issued an new tender for prompt supply of 30000 M ...
Tuesday, 15 December 09
CHINA CUTS IMPORT DUTIES ON COAL, RAISES FOR OTHERS
China will lower import duties on more than 600 products next year, including coal, naphtha and phosphate ore, the Finance Ministry said on Tuesday. ...
Tuesday, 15 December 09
NTPC'S COAL WOES UNLIKELY TO END SOON
State-owned power producer NTPC’s woes over shortages of coal may not end soon. Though the company is importing 12.5 million tonnes of coal&nb ...
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- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
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- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
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- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
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- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
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- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
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- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
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- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Economic Council, Georgia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
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- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
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