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Wednesday, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had passed. As it turned out yesterday, it hadn’t. The industry’s benchmark, the Baltic Dry Index lost another 3.94% to reach 1,292 points, with the Capesize segment losing 3.05%. But, it was the Panamax market that tumbled the most yesterday, by a whopping 5.08% on a daily basis.
Accroding to a report from BIMCO’s shipping analyst Peter Sand, the current weakness in the Capesize won’t go away anytime soon. “Capesize rates have defied gravity on the back of strong demand for particularly coal but also for iron ore during 2010. This has neutralized some of the downside effects from the heavy inflow of new tonnage into the market. Last year alone, the Capesize fleet grew in numbers by 200 and tonnage wise by 22% and the forecast for this year is an equally challenging supply side growth. With dry bulk demand in 2011 expected to be a little less strong than in 2010 – the freight rate outlook for the Capesize segment is a bit bleak. 20 new Capesize vessels have already joined the fleet in 2011 and with ongoing weather related disruptions not only in Australia – volumes and shipments will be too few to support a significant rate rebound over the coming months” said Sand.
In a separate note, Paris-based shipbroker Barry Rogliano Salles said that “there are some hopes for an increase in activity following the gradual resumption of coal exports in Australia. At the moment Aussie-China rates appeared to have plateaued around US$6.75. Monday saw another small drop in the BCI, while in the FFA market all periods came off with declines greatest for February and March prices”.
BIMCO’s analysis indicated that there are currently 110 Capesize vessels sitting outside the Australian east coast, something which in any other normal case, would be regarded as a healthy picture in terms of freight rates, as actual supply is recuded. “But this time around it merely spells out the trouble and indicates what’s in sight for the large vessels in 2011. Orderings of new Capesize vessels have come relatively down as only 31% of all dry bulk orderings were Capesizes last year. This compares to a relative portion of 50% in the year 2006-2009. Since Capesize freight rates fell below USD 13,000 per day the daily negative change has slowed down and Capesize rates might rest within the interval of USD 7,000-13,000 per day in coming months. As a clear illustration of how bad the situation for the Capesize vessels is, all of the smaller dry bulk segments currently obtain better freight rates than Capesizes. As per 24 January, Capesize average time charter rates were as low as USD 8,665 per day. Meanwhile Panamax earned USD 12,725 per day, Supramax USD 14,789 per day and Handysize USD 11,232 per day.
Even though selected back-haul routes have slipped into negative territory, the time charter averages have not gone that sour. In December 2008 when demand evaporated due to the letters-of-credit issues (and the overall crisis – of course) average T/C rates were as low as USD 2,316 per day. This time around demand is strong as indicated be rising commodity prices – so you should not expect rates to dig that deep” said Peter Sand.
He went on to conclude that such low freight rates are disastrous for ship owners, especially those who are trading in the spot market. According to him, ways out of this would probably be massive demolition of older tonnage, vessels being laid-up like back in the 80’es, postponements of newbuilt deliveries to an even larger extend than what we saw in 2010 and hesitation about signing new contracts for vessels.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 30 December 10
DRY BULK MARKET STAYS SUBDUED AT THE END OF 2010 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dy bulk market failed to cheer ship owners across the board as the year draws to an end, thus bringing mixed feelings ahead of 2011. On one hand ...
Thursday, 30 December 10
KANGAROO RESOURCES BUYS INDONESIAN COAL COMPANY
Australian-listed Kangaroo Resources Ltd. said Wednesday it will buy 99% of the Pakar thermal coal project in East Kalimantan, for A$277 million thr ...
Wednesday, 29 December 10
WEATHER IMPACTS RIO TINTO COAL AUSTRALIAS QUEENSLAND OPERATIONS
Press Release - As a result of severe monsoonal rain in central and northern Queensland, force majeure has been declared on coal sales contracts fro ...
Monday, 27 December 10
ANALYSIS: CHINA'S COAL PRODUCTION MISMATCHED WITH DOMESTIC DEMAND
As reported by iStock Analyst, China's coal market has been trapped in a strange cycle. Large coal production bases are facing overcapacity, while ...
Monday, 27 December 10
HUNT FOR OVERSEAS COAL ASSETS TO INTENSIFY - FINANCIAL EXPRESS
Financial Express reported that, With the Indian economy back on the track after the slowdown, merger and acquisition (M&A) activities in the re ...
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- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Planning Commission, India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
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