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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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Monday, 26 July 10
CEMENT MAKERS EXPLORE NEW FUELS TO REPLACE COAL - ECONOMIC TIMES
Economic Times reported that, As the cement industry reels under high raw material costs and reduced coal linkages, companies are exploring alternat ...
Saturday, 24 July 10
INDONESIAS BUKIT ASAM H1 2010, SALES RAISED 10% TO 6.44 MILLION TONS
COALspot.com: PT Tambang Batubara Bukit Asam (PTBA), Indonesian state owned mining company’s H1 2010, sales raised 10% to 6.44 million tons. T ...
Saturday, 24 July 10
INDONESIAN COAL MINERS ARE REQUIRED TO SUPPLY 64.96 MLN TONS OF COAL TO DOMESTIC MARKET IN 2010
COALspot.com : Minister of Energy and Mineral Resources of Indonesia has issued a ministerial degree related to Domestic market obligation (DMO) for ...
Saturday, 24 July 10
THE BDI SEEMS TO BE RECOVERING AND WAS UP BY ABOUT 6 PCT - CAPT. REDDY
COALspot.com: "The BDI seems to be recovering and was up by about 6 pct this week after losing for almost last 7 weeks", said Capt. Reddy, ...
Saturday, 24 July 10
ANALYSIS - GROWTH IN VESSEL SUPPLY PRESSURES OCEAN FREIGHT RATES
It's common to use global shipping rate trends as a proxy of global economic health. If demand for goods and raw materials are strong, so should it ...
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- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
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