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Friday, 28 January 11
DRY BULK MARKET CLOSING IN TOWARDS CRISIS LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The trials and tribulations of the dry bulk market seem to have no end during the first month of 2011, as the industry’s benchmark, the Baltic Dry Index, is ending yet another week of violent falls, with yesterday’s session bringing the market down to just 1,186 points, losing an additional 3.89% on a daily basis.
It’s pretty obvious by now that the Australian floods saga, coupled with a neverending overcapacity of tonnage is “drowning” freight rates. At this rate, some owners have already began to consider even the solution of layup of some of their vessels, a phenomenon which we haven’t seen since the 2008 and early 2009 global financial meltdown, which brought world trade to a major halt.
Taking a look at the panamax market for instance comes to show the problem. According to Fearnley’s latest weekly report “the Panamax market is heading due South with increasing speed as the Atlantic market definitely has lost its strength both for rounds and fronthaul.
The increasing amount of ballasters appearing from the F.East both for ECSA and for USG are not met by many fresh minerals or grain orders. TA rounds descending towards the 10k/day level and trips Feast approaching 20k. In the Pacific the atmosphere remains weak and rates are hovering between 7k and 9k/day. The Charterers are comfortably in the driving seat holding back their fixing, but the market got a further negative tone as Korea Line were applying for court protection earlier this week. Adding an anticipated slow down before the Chinese New Year and a slowly but steady sliding FFA market the sentiment is clearly beyond bearish”, said the shipbroker.
Similarly, on the Capesize front it mentioned that “continuing full- or part-absence by major Brazilian and Australian miners, combined with the long-awaited collapse of the first sizeable operator, is adding desperation and increased uncertainty to an already miserable segment. The bottom seems to be reached on the WAust/China trade, where prevailing usd 6.65-6.75 pmt is not by far enough to cover operating expenses. With numbers of ballasters on the rise, the Brazil/China fronthaul levels become under increased pressure - down 10% w-o-w to some usd 20k. Short-term outlook remains grim as Chinese New Year celebrations come close - although a mere few brave operators dare buck the trend and book tonnage for short/medium period. 180kdwt/built 2005 done for 4-6 months at usd 16250, 174kdwt/built 2007 done for 5-7 months at usd 18k - both basis spot FEast delivery”, Fearnley’s concluded.
Meanwhile, during the past few days, a series of analysts have given out their estimates for the course of dry bulk freight rates. Dahlman Rose is among the more optimistic one, saying that Capesize earnings will average $35,000 during 2011, up from last year’s $31,000/day. As for other smaller ship types, the group’s analysts believe that they will receive downward pressure. For instance average daily earnings for Panamaxes (and Kamsarmaxes for that matter) will fall to $22,000 from $24,125 during 2010. For the Supramaxes it expects rates to be at $20,000, down from last year’s $20,875, while for the Handy sector it places average rates at $15,000, from $17,675 during 2010.
As for estimates given out by Cantor Fitzerald, Capes are expected to average $23,000, from last year’s $26,500, while Panamaxes will average $19,000 from $21,000. As for the Handymax sector, it’s expected at $16,500 for 2011 (down from $18,000). The analyst gave out predictions for 2012 as well, saying that Capesize earnings will drop even further to average $22,000, while Panamaxes will earn $17,200, Handymaxes $15,250 and Handysizes are set out to average $13,000, down from $14,000 which is the expected 2011 average daily rate.
In yet another prediction, this time from Baltic Exchange itself, Capes are expected to average $26,629 this year and $21,125 in 2012, Panamaxes are set for $20,555 in 2011 and $16,210 in 2012, while Handysize are looking for $12,760 this year and $11,164 next year.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 25 January 11
DRY BULK RATES CONTINUED TO TUMBLE LAST WEEK - BRS
With weather-related problems affecting the short-term outlook, and new building deliveries the longer-term picture, dry bulk rates continued to tum ...
Tuesday, 25 January 11
R-POWER TO INVEST $5BN IN INDONESIA - THE TIMES OF INDIA
The Times of India reported that, In what is being seen as one of the largest foreign investments in Indonesia, Reliance Power will infuse $5 billio ...
Monday, 24 January 11
GOVT PROMISES COAL FOR PLN DESPITE PRICE SPIKES - THE JAKARTA POST
The Jakarta Post reported that, the government says state electricity company PT PLN will receive enough coal to fire its power plants, despite pric ...
Monday, 24 January 11
DRY BULK MARKETS DOWNTURN SEES NO RELIEF - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79 ...
Sunday, 23 January 11
THE AVERAGE CHARTER RATE FOR CAPE SIZE VESSELS WAS AT $ 8,859 PD ALMOST CLOSE TO 2008 LOWS - VISTAAR
COALspot.com - The BDI continues to drop and saw a drop of about 5 pct this week closing at 1,370 points. “ In May 2010 the BDI touched ...
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- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
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