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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 $16,000 now in July.
According to recent comments from Piraeus-based shipbroker Cotzias, “it seems that the overexcitement that led owners to order more dry cargo new buildings will only put more pressure on a market that had previously been alive but with what proved to be “mechanical and medical support”!!! The freight levels that were in excess of 30k per day, made everyone think that the newbuilding price for a Kamsarmax is value for money, and yes it could well be… but what will happen if the current dropping freight market continues at this pace for another 2 months? And 2 months with the excess volatility of the current markets seems like a long time, in which time, will the dry market face freight levels that will be adequate to cover the break even daily operating expenses including basic loan repayments? And what can be easily said to be the breakeven levels of these days, especially for ships that were acquired during 2008 and 2007? We are cautious to the extent that the headache of newbuilding orders has been cured by a regular daily feed of strong pain killers… One “blessing” was we believe the lesson we have all learnt from the container market that recently only started to push away from the “bottom” and the fact that over the past 1.5 years it has taught us that pricing at marginal cost is unsustainable, as vessels start getting laid up before long” concluded Cotzias.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
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