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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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Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
Tuesday, 25 May 10
KALIMANTAN COAL RAIL PROJECT RUNS INTO COST DELAY - THE JAKARTA GLOBE
The Jakart globe reported that, A$1.5 billion coal rail and port project planned for Central Kalimantan may be delayed by a year after a review of t ...
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- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
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