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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, 07 December 09
VEDANTA RESOURCES ISSUES TENDER TO IMPORT 2.25 MILLION COAL
COALspot.com (India): Vedanta Resources plc is a London stock exchange listed FTSE 100 diversified metals and mining major with revenues in excess o ...
Monday, 07 December 09
CHINA COKING COAL PRICE MAY RISE 14% ON DEFICIT, CITIGROUP SAYS
Coking coal prices in China, the world’s biggest steel producer, may rise 14 percent next year because of a supply deficit, Citigroup Inc. sai ...
Monday, 07 December 09
JSW STEEL TO SELL MOZAMBIQUE COAL MINE FOR RS 300 CRORE
JSW Steel may sell its coal mine in Mozambique to sister company JSW Energy as the mine has become commercially unviable for the steel producer, a t ...
Monday, 07 December 09
BLACK RIDGE MINING ENTERS AGREEMENT WITH INDONESIAN COAL PRODUCER
Australian-listed Black Ridge Mining has entered into an exclusive dealing and non-circumvention agreement with Indonesian coal producer PT. Inmas A ...
Sunday, 06 December 09
THE ECI / CHINA (S7) ROUTE SOFTENED AND WAS AT US$ 25,275 PER DAY - VISTAAR
COALspot.com (Singapore): "The market was bit soft in the beginning of the week, however towards mid week that market started to pick up and th ...
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- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Australian Coal Association
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
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