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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, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
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- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
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