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