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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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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 ...
Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
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- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
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