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