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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 $48,248/day - well above operating costs and historically a very robust rate” said Landsberg.
In the short-term though, Chinese demand for thermal coal is expected to remain robust as China enters peak summer demand season and the economy continues to expand at a rapid pace. In addition, the commencement of Indian monsoon season will result in China needing to import more iron ore from Australia and Brazil which will lend additional support to Capesize freight rates. A decrease in Indian iron ore exports, which are normally carried on Supramax and Panamax vessels, will be partially offset by an increase in Chinese grain imports. Overall, dry bulk cargo demand is in a bit of a lull, but thermal coal and grain demand remain robust and iron ore demand is still firm.
Source: Nikos Roussanoglou, Hellenic Shipping
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Sunday, 18 April 10
GOVT FORMS PANEL FOR RS 12,000-CR (US$ 2.711 BILLION) COAL INDIA IPO - ECONOMIC TIMES
Economic Times reported that, the government has formed an inter-ministerial panel to carry forward the proposed Rs 12,000-crore (US$ 2.711 billion) ...
Sunday, 18 April 10
THE FUTURES FOR THREE YEARS (2010-2012) FOR PANAMAX WAS AT AROUND US$ 21500 PER DAY - VISTAAR
COALspot.com: The BDI indices up by 3.30 pct and overall market continued to be firm except for India to Fareast.
“The cape index for the f ...
Saturday, 17 April 10
DRY BULK SHIPPING MARKET ANALYSIS - BIMCO
Strong Chinese steel market is set to cushion the flood of new Capesize vessels entering the dry bulk fleet Demand: The first quarter of 2010 saw up ...
Saturday, 17 April 10
DRY BULK MARKET EDGES HIGHER ON STRONGER DEMAND
The dry bulk market managed to inch higher by the end of the week as brokers indicated that stronger cargo demand pushed freight rates that much hig ...
Friday, 16 April 10
KRISHNAPATNAM PORT IS IRONING ITS WAY INTO RECORD BOOKS
COALspot.com: Krishnapatnam Port achieved a new benchmark by loading 60,021 MT of Iron Ore fines in just 24 hrs surpassing its previous record of 54 ...
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- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Australian Coal Association
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
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