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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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- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
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