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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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Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
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- Indogreen Group - Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
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