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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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Friday, 23 July 10
KOWEPO TO IMPORT ADDITIONAL 1.2 MILLION TONS OF INDONESIAN COAL WITHIN 5 MONTHS
Korea Western Power Company Limited has finalized around 1.2 million tonnes of Indonesian origin of coal last week. According to K ...
Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
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- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- The University of Queensland
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Romanian Commodities Exchange
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
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