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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, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Minerals Council of Australia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
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