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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, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- The University of Queensland
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
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