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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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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Xindia Steels Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
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