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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, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- PTC India Limited - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- White Energy Company Limited
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
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