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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, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
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- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
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