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