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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, 09 December 09
INDONESIA'S RECAPITAL TO PAY $1.48 BLN FOR BERAU
Recapital Advisors, an Indonesian investment firm, will pay $1.48 billion in cash and notes to buy coal miner PT Berau Coal, $300 million of which i ...
Wednesday, 09 December 09
COAL INDIA YET TO IMPLEMENT IMPORT LINKED PRICES
Coal India Ltd is adopting a conservative approach in pricing despite being allowed to charge import-linked price for the country's minuscule reser ...
Wednesday, 09 December 09
INDIA NEEDS TO IMPORT 29 MILLION TONNE STEAM COAL IN 2009 - 10
Mr Sriprakash Jaiswal Indian minister of state (Independent Charge) for coal informed the Rajya Sabha that Central Electricity Authority has estimat ...
Tuesday, 08 December 09
VOLATILE COAL PRICES SPUR ASIAN HEDGING
Volatile coal prices are forcing staid Asian power firms to change the way they buy fuel, setting the scene for a hedging boom as a growing array of ...
Tuesday, 08 December 09
MEC TO SHIP 2M T INDONESIA COAL TO INDIA IN 2010 - REUTER'S INTERVIEW
The UAE's Middle East Coal plans to start operation of coal mines in Indonesia's East Kalimantan province next year with initial production of 2 m ...
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- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
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