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Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES


The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is pretty obvious; any additional supply is hurting the market’s chance of a recovery in rates, with the dry bulk industry’s main benchmark, the Baltic Dry Index (BDI) having nosedived for 35 straight session, losing more than 55% of its value back in late May.

As a result, some owners have even pulled out some of their vessels from the market. With June proving to be a rather challenging month in terms of vessel earnings, older carriers could have  been led to scrapyards for sale, given the higher offers their owners could receive. Still, as the latest monthly demolition report from shipbrokers Golden Destiny indicates, last month saw the sale for scrap of 79 vessels with a total deadweight of 1,605,994 tons, a negative monthly change of 22.5%. Market analysts who spoke to Hellenic Shipping News Worldwide earlier said that one reason for that, was that older dry bulk vessels, could still earn good profit in the spot market, holding their rates better than their modern counterparts.
Source:
Nikos Roussanoglou, Hellenic Shipping



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Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...


Thursday, 10 June 10
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Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...


Wednesday, 09 June 10
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Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...


Tuesday, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...


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