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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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Tuesday, 20 April 10
INDO HARUM ENERGY WINS US$200MN LOAN PLEDGE FROM BANK SYNDICATE
Indonesian coal producer PT Harum Energy has secured a loan commitment of US$200 million from a syndicate of six banks.
Bank of Tokyo Mitsubishi ...
Tuesday, 20 April 10
PACIFIC SUPRA MARKET WAS STILL SOFTENING - BRS
A modest increase in dry bulk rates this week with activity picking up in the middle of the week. Panamax rates remain above the Capes, and there wa ...
Monday, 19 April 10
IS CHINA TO SUFFER NEW COAL SUPPLY SHORTAGE IN 2010? - XINHUA
Is China likely to suffer a new coal supply shortage in 2010? It's a question haunting many Chinese market analysts now. After a string of several ...
Monday, 19 April 10
WHITE ENERGY BUYS SA COAL - ABC NET
ABC Net reported that, South Australian Coal Limited is being bought by the New South Wales company White Energy.
Shareholders will get a combine ...
Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
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- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
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