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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 for ship owners. Yesterday, the industry’s benchmark, the Baltic Dry Index (BDI), which tracks rates for shipping commodities like iron ore and coal, inched higher to 1,781 points, up by 1.14 percent, or 20 points.
In its daily report, Arctic Securities said, quoted by Reuters that “even thought the market appears to have bottomed out, any surge in freight rates still seems unlikely”. It went on to add that China's iron ore imports continue to be the main driver for the dry bulk freight market, and the latest weakness seen in imports is now clearly affecting freight rates as the supply side continues to grow with unabated force.
According to the latest customs statistics from China, the country’s iron ore imports fell by 14.66 percent in June, compared to the previous month, to a total of 47.17 million tonnes. In a worrying sign, yesterday, the Capesize segment of the market, which is widely regarded as the industry’s benchmark fell marginally (0.28 percent), with average daily earnings now standing to $13,266. Commenting on the capesize market, shipbroker Fearnley’s said in its latest report that “combined, summer doldrums and continued Chinese steel-related slowdown give little reason to cheer for cape players.
Iron ore volumes in particular remain low, with the resultant WAust/China rounds standing at present USD 6.50 pmt - barely covering operational expenses. Despite this, and despite no short-term recovery evident, major players keep picking tonnage for short/medium period at huge premiums to spot: 180,000 dwt/blt 2005 done for 4-6 months at usd 20k, 181,000 dwt/blt 2010 done for 4-6 months at USD 20,500 and also reportedly 180,000 dwt/blt 2009 concluded for 4-6 months at around usd 24k (!) - a clear indication of expected upswing for q3/q4 no matter how many newbuildings expected to enter this segment in the very near future”.
That said, it’s worth taking a look at the oversupply of tonnage issue. According to recent comments from Piraeus-based shipbroker Cotzias, “it seems that the overexcitement that led owners to order more dry cargo new buildings will only put more pressure on a market that had previously been alive but with what proved to be “mechanical and medical support”!!! The freight levels that were in excess of 30k per day, made everyone think that the newbuilding price for a Kamsarmax is value for money, and yes it could well be… but what will happen if the current dropping freight market continues at this pace for another 2 months? And 2 months with the excess volatility of the current markets seems like a long time, in which time, will the dry market face freight levels that will be adequate to cover the break even daily operating expenses including basic loan repayments? And what can be easily said to be the breakeven levels of these days, especially for ships that were acquired during 2008 and 2007? We are cautious to the extent that the headache of newbuilding orders has been cured by a regular daily feed of strong pain killers… One “blessing” was we believe the lesson we have all learnt from the container market that recently only started to push away from the “bottom” and the fact that over the past 1.5 years it has taught us that pricing at marginal cost is unsustainable, as vessels start getting laid up before long” concluded Cotzias.
Source: Nikos Roussanoglou, Hellenic Shipping
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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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- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
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