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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, 27 November 09
BHP SEEKS VARIABLE COKING COAL PRICE IN JAPAN, NIKKEI SAYS
Bloomberg reproted that, BHP Billiton Ltd. has asked Japanese steelmakers to move to pricing of coking coal linked to spot rates rather than negotia ...
Friday, 27 November 09
EXXARO SEES HIGH COAL DEMAND RAISING PRICES
Reuters reported that, South African diversified miner Exxaro Resources said on Thursday it expected coal prices to rise to between $70 and $75 per ...
Friday, 27 November 09
CENTENNIAL SAYS ENERGY-COAL PRICE TO RISE AS CHINA SEEKS FUEL
Bloomberg reported that, Centennial Coal Co., an Australian producer of the fuel, said contract prices are expected to rise in 2010, with Chinese co ...
Friday, 27 November 09
IN FIRST-10-MONTH OF 2009 COAL IMPORTS IN GUANGXI-FANGCHENG EXCEEDED FULL-2008 IMPORTS
According to Customs statistics, during the January-October, Fangcheng port accumulatively imported 3.676mln tons valuing U.S.$370, rising by 53.8% ...
Thursday, 26 November 09
CHINA'S COAL IMPORTS TO RISE BY 170 PERCENT IN 2009
According to the statistics released by China's General Administration of Customs on November 23, China's coal imports for October totaled 11.1 mi ...
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- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- PTC India Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
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