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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
 Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - the odds are clearly against the drybulk sector absorbing the current newbuilding orderbook. The size of the demand/supply mismatch will determine whether dry bulk shipping shall face a soft or hard landing. We all hope for a soft landing but we are bracing ourselves for a hard landing. Once bitten - twice shy!
In 2008, the BDI had reached 11,793 points on 20th May and it fell to 663 points on December 5th of the same year; the speed and the scale of this short-term "crisis" took the shipping industry by surprise. The recovery in 2009 has been also unexpected but welcome; restoring the confidence of all parties involved. Is what we are experiencing today "deja-vu"?
Some years ago, a charter rate of $18,000 per day for a modern panamax was considered to be very robust. Today, the same vessel is chartered at this level but, for some owners, this is NOT necessarily considered a good rate. In other words, we face the paradox that the current market can be interpreted at the same time good for some and modest or bad for other owners, depending on their investment position.
Although rates are well down from the high levels of recent years, historically they are still relatively good and should be profitable, so the market is not bad, but to those who have not been around for the last 20 years they seem low. We should not forget the fact that between 1985 and 2003, BDI ranged between 600 and 2,200 points....
It would be a shot in the dark to try and guess on where the market is heading. But, if the recent plunge of the Baltic Dry Index continues; it is almost certain that, at some point, vessel prices will be forcibly reduced to a level that will be in direct correlation with freight market conditions. Something similar to what the shipping market experienced at the beginning of 2009 - and who would want to lose out again on such a chance to buy low?
Chartering (Wet: Soft- / Dry: Weaker-)
No improvement was noted in the dry bulk market this week, as rates continued to fall across the board pushing the BDI to a more than 14 month low. The BDI today (13/07/2010) closed at 1,790points, a decrease of 50 points compared to Monday’s (12/07/2010) closure, and a drop of 337 points compared to last Tuesday’s levels ( 06/07/2010). Tankers also faced a second consecutive week of dropping rates as demand from the US and Far East continues to drop.
The BDTI, Monday (12/07/2010), was at 789, 35 points down and the BCTI at 812, a decrease of 6 points from last Monday’s levels (05/06/2010).
Chartering
With almost non existent activity noted in the iron ore trade and demand for coal remaining fairly weak, Capes continue on their downward spiral reaching now a more than 14 month low. The steep decline of the fall noted these past 2 months has severely depressed market sentiment making it hard for owners to fight of any further drop, while the large numbers of newbuilding deliveries entering the water every week provides charterers with more than ample tonnage to push rates down further.
Panamaxes continued to lose ground as activity is still at the low end especially in the North Atlantic. The was some improvement in the ECSA market as fresh cargo orders started to apear. However this seemed to be too little too late, as the number of prompt tonnage in the area provide charterers with the leverage they need to soften freight levels further.
A soft week for Handys as well in both the Pacific and Atlantic basins. The larger Supramaxes and Handymaxes mainly saw activity in ECSA as well as off India were some fresh enquiries started to appear. Smaller handysize vessels looked to perform worse this week as activity in the Black Sea/Cont regions dropped further.
Source: intermodal (by Tasos Papadopoulos)
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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- The University of Queensland
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
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