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Thursday, 07 April 11
DRY BULK MARKET PLUNGING EVEN FURTHER ON LOW CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has continued its falling pattern this week, with every day proving to be painful for ship owners, especially those of the larger ship types. Yesterday, the industry’s benchmark, the Baltic Dry Index (BDI) fell to 1,430 points, down by 2.19% on the day, with Capesizes leading the fall. The Capesize Index retreated by another 3.13 percent to just 1,674 points and as a result daily rates are again closely flirting with break-even levels. The Panamax segment also lost further ground ending the session down by 2.77% to 1,788 points, still well above the larger Capesize ships, in a market’s paradox that lately has proven to be the norm.
According to ICAP Shipping’s first quarter review of the dry bulk market, on the demand side most notable was the massive change in China’s imports of iron ore between January and February which collapsed from 68 Mt to 48 Mt and when this was combined with the 10 Mt fall in the country’s coal imports also in February the resulting 30 Mt drop exceeds anything that was seen even at the time of the freight market collapse in 2009. “Despite this string of exceptional events the freight market has responded calmly and efficiently and will no doubt continue to do so throughout the next three months” ICAP Shipping said.
Indeed, the BDI has lost over 10 percent from the start of the year, which could have been worse, given the circumstances, like the ever so increasing ship supply and the natural disasters in Australia and more recently in Japan. "At the moment the volumes out of Australia and Brazil are disappointing," said Georgi Slavov, head of dry research and structured products at ICAP Shipping, in a quote from Reuters. He went on to say that the volumes of exported (Australian) coal are still 30 to 40 percent below where they should be at this time of year. As a result, the coal price is obviously going up and therefore the Chinese are not buying -- it's a chain reaction that is hitting the market, Slavov mentioned. According to him, Japanese coal imports won’t pick up until May.
In a separate weekly report released from Fearnley’s, it said that in the Capesize market, it’s been a quiet start to the week with holidays in India and China, resulting in a wait and see attitude among owners and charters. West Australia/China rates were in the high 7s, presently usd 7.50 pmt. Of period fixtures in the east, a couple were done at usd 16k levels for 11-13 months, with profit sharing. The fronthaul activity remains inactive.
Regarding the Panamax segment, “activity remained slow in the Atlantic basin, rates still sliding downwards with limited new business and more open tonnage around. Limited trade for the Pacific, mostly due to Chinese holidays Monday and Tuesday. T/A rounds dropped to 14-14.5k this week. In the Pacific, very little reported, though some rounds done at around 14.5 level as well. Fronthaul still fairly healthy at 25k level. With grain season coming to an end, expectations for next month are rather weak. Although forward market flat to slowly down, perhaps more activity for iore export from India after release of export ban and from Brazil in 3Q will stabilize the market. Period market hardly viable this week; 2 years done at 15500 and short period even less” said the shipbroker.
As for the smaller ship types, it argued about slowly softening rates as more tonnage is accumulating in the Atlantic basin .”The trans-Atlantic round is around $15k pd with trips to the Far East at around $30k pd. USG/NCSA are active (mainly petcoke) whilst the Continent/E.Med/B.Sea lack volume and rates are under pressure. Outlook: softer. In the Pacific, quiet market due to holidays in China. For Indo-India, charterers holding on unless have spot cargo. Rates sliding now and Supras in North China are getting close to 14k for trips via Indonesia to India. Iron ore from India has been quiet on WCI but rates stable at USD 17k for trips from WCI to China and from ECI close to 16k. On Richards Bay rounds Supras now seeing around 15k basis WCI dely. Red Sea, ferts on Handymax/Supras are fixed at very mid-high 20´s pmt on voyage bss to WC India. Not too much activity on short period as market bit volatile but hear some index type vessels fixed at mid-teens” concluded the report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 06 September 24
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- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
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- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
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