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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 $11,164 next year.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
Monday, 10 January 11
COAL MONGOLIA IS INVITING YOU TO THE INTERNATIONAL COAL SECTOR INVESTORS CONFERENCE
COALspot.com - (Press Release) - The Coal Mongolian Conference will take place at Chinggis Hotel, in Ulaanbaatar on 24-25, Feb 2011. The coal bonanz ...
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- Aditya Birla Group - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Planning Commission, India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- The University of Queensland
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
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