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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, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
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 ...
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- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
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