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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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Friday, 04 December 09
KALIMANTAN GOLD AGREES TO SELL IBP COAL CONCESSION
COALspot.com ( Press Release): Kalimantan Gold Corporation Limited ("KLG" or the "Company"), which undertook drilling and had an ...
Friday, 04 December 09
JSW ENERGY TO BUY OUT PARENT FIRM'S COAL BLOCK
JSW Energy plans to buy the stake held by JSW Steel in a thermal coal block in Mozambique in an attempt to become an integrated energy company with ...
Thursday, 03 December 09
JAPAN 2010 COAL IMPORTS SEEN FLAT, INDIA'S ROBUST - INDUSTRY
* Japan's demand seen steady in 2010 at 110 mln tonnes
* India's demand seen as robust, at 70 mln tonnes
Reuters reported that, Thermal coal i ...
Thursday, 03 December 09
INDONESIA MAY ALLOW COAL SALES BELOW GOVT PRICE
Reuters reported that, Indonesia is considering giving producers some flexibility to sell coal below the government's monthly benchmark price to co ...
Thursday, 03 December 09
INDONESIA SEEKS TO INCREASE COAL SHIPMENTS TO INDIA, CHINA
Bloomberg reproted that, Indonesia, Asia’s biggest coal exporter, seeks to increase shipments to India and China as the economies improve and ...
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- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
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