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