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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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Thursday, 05 August 10
DRY BULK LOOKING TO CHINA FOR A NEW RALLY, BUT INDIA COULD BE THIS YEAR'S SURPRISE
The dry bulk market’s rebound has hit a “wall” this week, with the industry’s benchmark, the BDI (Baltic Dry Index) ending i ...
Wednesday, 04 August 10
MALAYSIA'S AGATE GROUP TIES UP WITH INDIA'S ECOGREEN TO DEVELOP COAL BUSINESS
COALspot.com: "Malaysian based AGATE Group had entered into an agreement with India's EcoGreen to jointly develop coal business in India ...
Wednesday, 04 August 10
ADARO PRODUCED 21.62 MILLION TONS OF COAL IN 1H 2010
COALspot.com: “Adaro Energy’s production volume during the second quarter of 2010 was 10.26 million tones and for the first half of 2010 ...
Wednesday, 04 August 10
CIL TO TAKE UP NEW PROJECT TO MEET INCREASED DEMAND OF COAL
As part of Annual Plan 2010-11, Planning Commission has projected all India demand of coal 656.31 Million Tonnes against which the indigenous supply ...
Tuesday, 03 August 10
INDONESIA CONSIDERING RUPIAH DENOMINATION
The jakarta post reportd that, the central bank is deliberating a potential Rupiah denomination in light of decreasing exchange rate valuations agai ...
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- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
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- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
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- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
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