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Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
 This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Yesterday, the BDI edged up even higher at 4,209 (+ 22 points on a daily basis), with the Capesize market segment once again leading the pack, as all other ship types demonstrated deflationary trends. Still, after the impressive increase of Tuesday, yesterday proved a rather moderate session, with few fluctuations, in what could be a sign that charterers have tested their strength and aren’t willing to push the market any further. Thus, some market correction could be in store in the following days.
In yesterday’s weekly report, Fearnley’s said that capesize rates went through the roof. “Early this week, FFA values for June were USD 51,500 vs. mid last week USD 37,000, one of the main drivers for the physical market. The freight for Australia round voyage jumped from USD 12.1 last week to USD 14.2 mid this week, Tubarao Qingdao from USD 29.9 to 34.4! Although some talks about the market appearing more toppish now - nobody dares to say we are presently on the top. It is also interesting to note last year’s jump around this time, the 21st of May the index was USD 40,000 vs. USD 93,000 the 3rd of June”.
Commenting on a lackluster panamax segment, the shipbroker said that “as expected and despite the strong re bounce in the Cape segment, the Panamax market gradually lost some of its momentum over the last few days. In the Atlantic prompt Continent positions are still able to secure very healthy numbers in the mid/upper 40´s, whereas Charterers with June requirements may not be so tight on tonnage. Front haul typically in the mid/high 40´s range apart from spot trips via Aden as a Baltic-India buiz done at 60K. The Pacific market has consolidated around the low 30.000 level for NOPAC and ECSA rounds. The period market is still fairly active indicating the market may believe the downside is limited” said Fearnley’s.
In a market comment released this week, Jeffrey Landsberg of Commodore Research said that he remains cautious for what is in store for the future and there is valid concern that freight rates may come under great pressure in the second half of the year. “With that in mind, though, we continue to take things one step at a time, as there will continue to be opportunities to benefit from changes in short-term market dynamics, as we have seen in the dry bulk equity, FFA, and physical markets in the last few weeks”. According to Commodore’s analysis, approximately 100 capesize vessels were delivered in 2009, about 66% of what was expected to be delivered back in July 2008. “Capesize freight rates averaged approximately $43,000 in 2009. This year, approximately 45 Capes were delivered in the first quarter of this year with more delivered each week. On an annualized basis that's 180 Cape deliveries for 2010. At the time of writing, however, Capesize freight rates are averaging $48,248/day - well above operating costs and historically a very robust rate” said Landsberg.
In the short-term though, Chinese demand for thermal coal is expected to remain robust as China enters peak summer demand season and the economy continues to expand at a rapid pace. In addition, the commencement of Indian monsoon season will result in China needing to import more iron ore from Australia and Brazil which will lend additional support to Capesize freight rates. A decrease in Indian iron ore exports, which are normally carried on Supramax and Panamax vessels, will be partially offset by an increase in Chinese grain imports. Overall, dry bulk cargo demand is in a bit of a lull, but thermal coal and grain demand remain robust and iron ore demand is still firm.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
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- Malabar Cements Ltd - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
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