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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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Wednesday, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
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- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
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