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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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Thursday, 26 November 09
CIL EYES OVERSEAS ACQUISITIONS TO BRIDGE SUPPLY GAP
Coal Minister Sriprakash Jaiswal on Wednesday said that state-run coal major Coal India is looking to acquire coal blocks in the US and
othe ...
Wednesday, 25 November 09
NAPOCOR SCRAPS AWARD OF 715,000 TONS COAL
Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it had cancelled plans to award 715,000 tons in coal supply con ...
Wednesday, 25 November 09
RISING FREIGHT RATES HIT COAL IMPORTERS
While state-owned NTPC’s 12.5 million tonne coal import order may have been aimed at plugging the shortage of coal at its thermal power plants ...
Wednesday, 25 November 09
CSN TO BUY RIVERSDALE STAKE TO BOOST COAL SUPPLIES
Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175 ...
Tuesday, 24 November 09
ICRA DOWNGRADES TNPL`S RATING TO LAA
Credit rating agency, ICRA has revised the long term rating for the Rs 11.25 billion long-term fund-based bank facilities and Rs 1.5 billion non-con ...
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- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
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