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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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Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- GMR Energy Limited - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
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