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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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Saturday, 24 July 10
INDONESIAS BUKIT ASAM H1 2010, SALES RAISED 10% TO 6.44 MILLION TONS
COALspot.com: PT Tambang Batubara Bukit Asam (PTBA), Indonesian state owned mining company’s H1 2010, sales raised 10% to 6.44 million tons. T ...
Saturday, 24 July 10
INDONESIAN COAL MINERS ARE REQUIRED TO SUPPLY 64.96 MLN TONS OF COAL TO DOMESTIC MARKET IN 2010
COALspot.com : Minister of Energy and Mineral Resources of Indonesia has issued a ministerial degree related to Domestic market obligation (DMO) for ...
Saturday, 24 July 10
THE BDI SEEMS TO BE RECOVERING AND WAS UP BY ABOUT 6 PCT - CAPT. REDDY
COALspot.com: "The BDI seems to be recovering and was up by about 6 pct this week after losing for almost last 7 weeks", said Capt. Reddy, ...
Saturday, 24 July 10
ANALYSIS - GROWTH IN VESSEL SUPPLY PRESSURES OCEAN FREIGHT RATES
It's common to use global shipping rate trends as a proxy of global economic health. If demand for goods and raw materials are strong, so should it ...
Friday, 23 July 10
KOWEPO TO IMPORT ADDITIONAL 1.2 MILLION TONS OF INDONESIAN COAL WITHIN 5 MONTHS
Korea Western Power Company Limited has finalized around 1.2 million tonnes of Indonesian origin of coal last week. According to K ...
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- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
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