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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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- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
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