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Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
 The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find room for support for yet another day. Yesterday, it tumbled by an additional 55 points or 2.23 percent, to 2351, marking its lowest point in nine months. In fact, even the recent standstill of the capesize market proved unsustainable, with the Baltic’s capesize index losing further ground yesterday, down by 1.95% to 2658 points. As for the panamax market, for a second straight session, it proved to be the “weakest link” retreating by 4.4% or 121 points to 2627. Average earnings for panamax vessels now stand to a mere $21,147, the lowest since October of 2009. The BDI has now extended its downfall to 26 straight sessions, which is the longest losing streak since August of 2005. It comes to show that China’s slowdown is having a tremendous impact on shipping rates, as the rest of the world hasn’t rebounded enough to keep ships afloat.
“We are at the moment finding ourselves with an over- tonnaged market,” Alex Gray, chief executive officer of Clarkson Securities Ltd., the freight-derivatives unit of the world’s largest shipbroker, said in an interview with Bloomberg yesterday. There’s “lower demand than we have seen at any stage this year.” In a separate report by Reuters, Peter Norfolk, research director with broker FIS was quoted saying that "there is a much quieter tone than there was a few weeks ago. I think it's unlikely we will see a major rebound in the very short term at least. There is a lot of negative sentiment surrounding the Chinese steel sector and domestic demand. There is a slowdown in manufacturing growth in China, so those factors are weighing on market sentiment at the moment", Norfolk told Reuters. He added that although the capes have been sliding, they have found a little bit of support.
Imports of coal and iron ore by China, the world’s biggest user of the commodities, fell for two consecutive months, customs data show. Combined, the raw materials to make steel or generate power accounted for 54 percent of all dry-bulk goods carried at sea in the first quarter, according to estimates from Drewry Shipping Consultants in London. At the same time, the decline of South America’s grain export season has added further pressure at rates.
Meanwhile, there is increased fear that the looming oversupply of dry bulk vessels will continue to add pressure to the market in the coming months. According to Clarkson Research, the world dry bulk fleet is expected to grow by 16%, or 1,100 ships, while demand should increase by an equivalent of 634 vessels. Still, shipping industry players who took part in June’s Hellenic Shipping News Worldwide poll, said that the BDI will range between 3,000 and 4,000 points during the second half of the year. This answer came from 45.4% of the voters or 1,869 people in a total of 4,118 participants. Out of those, 22.9% or 943 votes were for the 3,000-3,500 limit, while an additional 22.5% or 926 votes were a bit more optimistic, placind the index at the range of 3,500 and 4,000 points.
Even more positive on the dry bulk market’s prospects were those 892 voters (21.7%) who predicted that the freight market will stay above 4,000 points, not to mention the overly optimistic who said it will surpass even the 4,500 point mark. They amounted to 467 or 11.3%. On the negative side were those 890 people (21.6%) who said that the market will stay within today’s range of between 2,500 and 3,000 points.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
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