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Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) gaining once again on Thursday, to reach 1942 points (up by 41 on a daily basis), or 2.16 percent. This was the 10th straight session of increases, despite the fact that most analysts appear rather pessimistic on the short-term prospects of the market. Another conclusion from yesterday’s market, was the continued rebounding trend of the capesize segment, with the respective Capesize Index gaining a further 85 points or 4.72 percent. As a result, average daily freight rates have edged higher than the $12,500 mark they had been in the past days, to $14,443.
This rebound has been triggered by a firmer iron ore demand and a restocking taking place in China, as a result of a better looking steel market. Shipbrokers estimate that currently low spot prices for iron ore, not to mention freight rates are causing more cargo purchases from steel mills, looking to take advantage of the situation. For the moment, nobody can rule out a double dip of the market, but it seems that for now, dry bulk ship owners are out in the clearing. Meanwhile, FBR Capital Markets said, in comments quoted by Reuters, that the fourth quarter of 2010 is likely to support a healthier iron ore trade, as contracts for the raw material are likely to more closely reflect spot prices in that period, rather than in the third quarter.
But, apart from cargo demand trade patterns and seasonality, the main concern of the market is the oversupply issues it faces, in terms of new tonnage delivered. According to ICAP Shipping, the dry bulk fleet expanded by some 340 ships amounting to 32 millon dwt in the first half of this year after allowing for the limited number of scrappings and other removals (some 46 ships of 1.6 million dwt). At the same time a large number of ships were contracted for future construction (346/31.2 million Dwt). This rapid expansion in the fleet - some 54 million dwt (+13%) over the past 12 months has been a primary factor in the decline in earnings since May this year which have slumped from typically $48,000 pd for a Cape to $16,000 now in July.
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, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
Saturday, 28 August 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS FIRM FOR CAPE AND PANAMAX VESSELS - VISTAAR
COALspot.com: The freight market appeared to be heading for correction with the indices coming off during later part of the week. The BDI closed 44 ...
Saturday, 28 August 10
KRISHNAPATNAM PORT SETS AN ALL INDIA COAL DISCHARGE RECORD
COALspot.com: Krishnapatnam Port has established all new record for coal discharged in India using the conventional system of coal unloading for por ...
Friday, 27 August 10
PAKISTAN WILL IMPORT 8 TO 10 PERCENT MORE COAL IN 2011
COALspot.com: Pakistan to import 4 million ton of coal in 2011 up by 8-10 percent compare to this year’s imports. "Pakistan's tota ...
Thursday, 26 August 10
CHARTERERS SWITCHING FROM PANAMAX TO CAPE STEMS DUE TO CAPE FALL
Handy
The activity picked up in the Atlantic with more enquiries seen for short period tonnage for end August/beg September - As the grain season ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Planning Commission, India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Australian Coal Association
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
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