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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, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED
Press Release – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining ...
Thursday, 23 December 10
CESC EYES COAL MINES IN INDONESIA, S AFRICA - TEHELKA
Company has already set a target of adding 6,000 MW power generation by the end of the 12th Plan in 2017
Tehelka reported that, CESC Ltd, the fla ...
Thursday, 23 December 10
SANTA CLAUSE DID NOT COME EARLY THIS YEAR - FEARNBULK
Handy
Not much fresh enquiry this week and quite dead in Bl.Sea/Med. Nevertheless ...
Thursday, 23 December 10
STERLITE ENERGY LIMITED TO BUY 0.6 MLN MT OF COAL FOR 2011
COALspot.com - Sterlite Energy Limited (SEL) is a part of Vedanta Resources plc , a London listed FTSE 100 diversified metals and mining major with ...
Wednesday, 22 December 10
PEABODY ENERGY TO SOURCE INDONESIAN COAL FROM PT SUPRA BARA ENERGI (SBE) - COAL GEOLOGY
Coal Geology reported that, Peabody Energy has entered into an agreement to source coal from PT Supra Bara Energi (SBE), which will be sold on the e ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
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