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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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- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- VISA Power Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- The University of Queensland
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
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