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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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Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
Monday, 26 July 10
CEMENT MAKERS EXPLORE NEW FUELS TO REPLACE COAL - ECONOMIC TIMES
Economic Times reported that, As the cement industry reels under high raw material costs and reduced coal linkages, companies are exploring alternat ...
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- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Marubeni Corporation - India
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
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