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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, 13 May 10
ACTIVITY ON WEST COAST INDIA IS SLOWING - FEARNLEYS AS
DRY BULK CHARTERING
Handy
Atlantic markets remain firm but more for end May/beg June dates as there seems to be more enquiries for those dates. ...
Thursday, 13 May 10
DRY BULK SHIP OWNERS CHEERFUL AMID MARKET RALLY
China’s appetite for raw materials like iron ore and coal, as well as a series of added factors are boosting demand for dry bulk carriers, hel ...
Wednesday, 12 May 10
BANPU'S Q1 PROFIT SLIDES 43% TO B2.71BN - BANGKOK POST
The Bangkokpost reported that, Banpu Plc posted a first-quarter net profit of 2.71 billion baht, down by 43% from the same period last year.
The ...
Tuesday, 11 May 10
DALRYMPLE BAY COAL EXPORTS HIGHEST SINCE JULY; NEWCASTLE FALLS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Dalrymple Bay terminal in Queensland state rose to the highest in nine months in Apri ...
Tuesday, 11 May 10
DRY BULK RATES SHOOT UP ON STRONG CARGO DEMAND
The dry bulk industry’s benchmark, the Baltic Dry Index (BDI) has kept its momentum, as predicted by analysts and shipping experts, managing t ...
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- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Planning Commission, India
- The University of Queensland
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
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