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