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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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Monday, 14 December 09
RICHARDS BAY COAL TO FINISH EXPANSION IN 1ST QUARTER
Richards Bay Coal Terminal, which ships more than a quarter of Europe’s energy coal, said it will complete its Phase 5 expansion project in th ...
Monday, 14 December 09
SOUTH AFRICAN STEAM COAL PRICES FIRMING UP FOR Q1 TRADE
Reuters reported that Q1 South African coal prices firmed again slightly largely on Asian demand but European delivered prices were little changed.
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Sunday, 13 December 09
THE FREIGHT MARKET SEEMS TO BE COMING OFF A BIT AND THE MARKET MAY BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com (Singapore): "The market softened this week especially in the Cape and Panamax segment , where as the Supramax and Handy size was ...
Sunday, 13 December 09
NAPOCOR CUTS COAL IMPORT PROJECTION FOR 2010
STATE-RUN National Power Corp. slashed its planned coal importation for 2010 to only 200,000 metric tons from 3.4 million MT this year, as the gover ...
Sunday, 13 December 09
CHINESE BUYERS SEEK LARGE TONNAGE OF SOUTH AFRICA STEAM COAL
Reuters reported that Chinese utilities on the coast and inland are seeking several cape cargoes each of South African coal for 2010 delivery becaus ...
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- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Posco Energy - South Korea
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
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