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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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Friday, 07 January 11
DRY BULK MARKET ON A FREEFALL, AS THE NEW YEAR EARLY DAYS DONT BRING MANY CHEERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is facing its worst slump in more than two years, falling by 4.75% yesterday to reach 1,544 points, on top of an additional 4.2% ...
Thursday, 06 January 11
OVERSEAS & GENERAL SIGNS AGREEMENT TO EXPAND FOOTPRINT ON COAL LEASE IN INDONESIA - PROACTIVE INVESTORS
Proactive Investors reported that, Overseas & General (ASX: OGL) has entered into a joint operating agreement on the Jambi Coal Lease in Sumatra ...
Thursday, 06 January 11
BANPU EXPECTS ROSY 2011 AS COAL PRICES SKYROCKET - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, expects minimal impact from the production stoppage at its Daning mine in China ...
Thursday, 06 January 11
COKING COAL CONTRACT PRICE MAY RISE 33% ON AUSTRALIAN FLOODS - BLOOMBERG
Bloomberg reported that, Steelmakers in Asia may be forced to pay as much as 33 percent more for hard coking coal after the worst floods in 50 years ...
Wednesday, 05 January 11
HIGHER COAL PRICES LIFT UP COAL STOCKS
Thermal coal price this month has gone up 5.63% to US$127.70 per ton today from mid last month at US$120.89 per ton.
Thermal coal price for next ...
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- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- The University of Queensland
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- VISA Power Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
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