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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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Monday, 28 June 10
MEC TO INK COAL-EQUITY SWAP DEALS WITH POWER PROJECTS
Business Line reported that, First it was power producers moving to pick up stakes in coal mining projects to ensure the raw material supplies.
N ...
Monday, 28 June 10
COLOMBIA WILL LIKELY EXPORT 80 MILLION TONNES OF COAL IN 2010
Best Colombia reported that, Mr Hernan Martinez energy and mines minister of Colombia told reporters that Colombia will likely export 80 million ton ...
Monday, 28 June 10
WESFARMERS' SEPT QTR COAL PRICE UP 11% - SMH
SMH reported that, Wesfarmers Ltd says it expects a 11 per cent increase in prices for metallurgical coal from its Curragh mine in Queensland in the ...
Saturday, 26 June 10
THE SUPRAMAX INDEX FOR S6 ROUTE WAS UP BY US$ 1091 PER DAY OR 5.7 PERCENT D-O-D -- VISTAAR
COALspot.com: The market appears to be steadying with all indices almost stabilizing and the drop much less than last two weeks.
The BDI softened ...
Saturday, 26 June 10
MONGOLIA COAL RAILWAY TO LINK WITH RUSSIA - BUSINESS WEEK
Business Week reported that, Mongolian lawmakers have approved plans for a rail line linking with Russia to help tap large coal deposits in the sout ...
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- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
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