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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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Tuesday, 08 December 09
RICHARDS BAY COAL SHIPMENTS FELL 11% IN NOVEMBER FROM YEAR AGO
Coal exports from South Africa’s Richards Bay, site of the continent’s largest export terminal for the fuel, fell 11 percent in November ...
Tuesday, 08 December 09
HIGH GLOBAL COAL PRICES HIT POWER PROJECTS
Spot prices for the fuel have appreciated almost 10% in November.
After a sedate year, rising coal prices could hit the coffers of import-based d ...
Monday, 07 December 09
HOW INDIA CAN CUT ITS ENERGY NEEDS BY 20%!
Using energy more efficiently can reduce our energy needs by one fifth; it is a strategy we must pursue even as we promote renewables, says Kirit Pa ...
Monday, 07 December 09
ASIA COAL POWER IN INDONESIA DISCUSSES NEW MINING LAW, COAL AND POWER SECTORS AS INVESTMENTS POUR INTO COALMINES TO SECURE SUPPLIES
COALspot.com (Singaproe): Press Release - Asia Coal Power pinpoints growing power demand in Asia & Power sector investments in Indonesia's coal ...
Monday, 07 December 09
DRY BULK RATES' VOLATILITY TO STAY, BUT RECOVERY IS UNDERWAY SAYS ION VAROUXAKIS HEAD OF FREESEAS
In an interview with Hellenic Shipping News, Mr. Ion G. Varouxakis, Chairman of the Board, President and CEO of Nasdaq-listed Freeseas, explains why ...
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- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
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