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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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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- White Energy Company Limited
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
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