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Friday, 04 December 09
DRY BULK MARKET IS ON THE RISE AGAIN
 Proving rather resilient, compared to previous behaviors, the dry bulk market has been on a rebound mode once again, after a two-week fall, which succeded a significant rally. The Baltic Dry Index has been rising steadily from Wednesday, surpassing once again the 4,000-point barrier, ending yesterday’s session up by a healthy 144 points to reach 4,062 points. Shipbrokers had already warned about the expected increase after observing renewed cargo interest ahead of the holiday season.
In its weekly report, Fearnley’s said that the trend from the last couple of weeks is broken, with the Capesize segment again picking up momentum. Indeed, the Baltic Capesize Index gained 288 points at 6,640 leading yesterday’s session, with the Panamax segment following closely. Referring to the capesize market, Fearnley’s noted that “declining steadily some 12% from $73500 to $64500 before recovering, average daily spot earnings now stand at close to USD 70000 and short-terms prospects are bright. Congestion remains considerable in main discharging ports and activity is picking up on the back of increased inquiry by both industrial bodies and operators.
Atlantic is leading the way by means of a very balanced cargo/tonnage ratio, supported by Australian miners absorbing a considerable chunk of prompt Pacific units. FFA levels finally give support to the period fixing taking place earlier in the week, including 180000 dwt/2009 N/B done for 12 months basis Dec delivery at USD 40000 and 180000 dwt/built 2009 fetching USD 42000 for 12 months basis prompt delivery off Muscat” the broker concluded.
According to a quote in Reuters by Adrew Dawson, an FIS broker, “there is a lot of fresh cargo enquiry in the Atlantic but it seems a large percentage of this is not actually firm business but more talk by traders trying to sell cargoes into a softer freight market". In the longer term though, brokers expect the market to continue presenting increased volatility, before facing increased downward pressure after the first quarter of next year, mainly as a result of an increase of tonnage supply, as more new buildings are bound to hit the water.
But, a series of reports this week, indicated that things may well turn the other way around. For instance, Cosco’s Chairman, Wei Jiafu said at a conference in Shanghai that ship owners may cancel or delay about 40% of new vessel orders (of all ship types) by the end of 2010, as a result of overcapacity concerns. Chinese shipyards have had orders for 88 vessels canceled this year through October, as lines, including Cosco, pare growth because of the global recession. Global shipyards hold bulk-ship orders equal to 60 percent of the capacity of the existing fleet, according to data compiled by Bloomberg. For container ships, the figure is 36 percent.
Meanwhile, in other remarks, this time by Clarkon Plc’s Managing Director Martin Stopford, the orderbook was now 44% of the extant fleet, compared with just 11% in 2000. ‘My guess is this is at least twice as much capacity as is really needed,’ he said. The orderbook has a contract value of $464bn, he said, but the actual market value of these ships if sold on delivery ‘could be half that amount’. Ships ordered in past years are at prices 30 to 50% above today’s collateral value, warned the doctor. He urged yards to slow delivery times for the coming couple of years. Owners and yards needed urgent dialogue, stressed Stopford, noting that, ‘On a purely financial note, someone must be prepared to write off $200bn’ he said.
Source: Hellenic Shipping News
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Monday, 07 December 09
VEDANTA RESOURCES ISSUES TENDER TO IMPORT 2.25 MILLION COAL
COALspot.com (India): Vedanta Resources plc is a London stock exchange listed FTSE 100 diversified metals and mining major with revenues in excess o ...
Monday, 07 December 09
CHINA COKING COAL PRICE MAY RISE 14% ON DEFICIT, CITIGROUP SAYS
Coking coal prices in China, the world’s biggest steel producer, may rise 14 percent next year because of a supply deficit, Citigroup Inc. sai ...
Monday, 07 December 09
JSW STEEL TO SELL MOZAMBIQUE COAL MINE FOR RS 300 CRORE
JSW Steel may sell its coal mine in Mozambique to sister company JSW Energy as the mine has become commercially unviable for the steel producer, a t ...
Monday, 07 December 09
BLACK RIDGE MINING ENTERS AGREEMENT WITH INDONESIAN COAL PRODUCER
Australian-listed Black Ridge Mining has entered into an exclusive dealing and non-circumvention agreement with Indonesian coal producer PT. Inmas A ...
Sunday, 06 December 09
THE ECI / CHINA (S7) ROUTE SOFTENED AND WAS AT US$ 25,275 PER DAY - VISTAAR
COALspot.com (Singapore): "The market was bit soft in the beginning of the week, however towards mid week that market started to pick up and th ...
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- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- The University of Queensland
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
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