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Thursday, 03 February 11
DRY BULK MARKET LOOKS SET TO BOTTOM OUT NIKOS - ROUSSANOGLOU, HELLENIC SHIPPING
 With the dry bulk market having lost more than 72% of its value in the last month or so and having retreated to a 2-year low, it seems that the bottom has almost been reached. The combination of devastating floods in Queensland, the richest coal producing province of Australia and in fact globally and the looming closure of China’s factories for the celebration of the new Lunar Year, have contributed to the dry bulk industry’s benchmark, the Baltic Dry Index (BDI) now being at 1,064 points, losing 1.64% after yesterday’s session. Once again, it was the Supramaxes that suffered the most, losing 2.35%.
But a new report out yesterday from JP Morgan could be seen as a cheerful note, since it suggested that the catastrophic dry bulk market is now bottoming out. “We believe that freight rates are bottoming out,” JP Morgan shipping analysts wrote, predicting a rash of scrapping for ships aged 20-years-old or more. Moreover, JP Morgan analysts stressed they felt the recent collapse in the Baltic Dry Index, that sees capesizes trading for less than $7,000 a day, was more weather-related than structural. JP Morgan cited China Cosco as a buy, noting it was “the most leveraged BDI play for investors with higher risk appetite”. Pacific Basin was also cited “for investors who are more risk averse as it has covered c.50% of its revenue days this year and net cash”. MOL, U-Ming and Sincere were all deemed worth investing in too.
In its latest weekly report, shipbroker Fearnley’s said for the capesize market, that it was “another quiet week, with political disturbances affecting the oil prices. Vessels, in ballast, towards South Africa/Brazil who have already bunkered in Singapore have a competitive advantage over vessels just starting to ballast. Higher bunker prices are being reflected in present rates offered, but so far, owners have been unable to conclude on this basis. It seems as though this current price increase will be borne by the owner. With market levels below operating costs, cyclones again hitting Australia and Chinese New Year, the immediate future look bleak, with more and more owners willing to wait rather than fixing in the current climate. One period fixture has been concluded at below usd 20k per day but with delivery in the Atlantic and a profit sharing scheme” said Fearnley’s.
As for the smaller Handysize/Handymax segment which has been battered this week, it said that it is an extremely quiet market in the Atlantic, “with a lot of spot tonnage struggling to get covered. Charterers are shying away from fixing short period as they expect further misery ahead. Rates for t/a rounds in the very low teens as USG markets are the only relatively paying areas. Nevertheless the high amount of ballasting tonnage towards USG will most certainly exerce further stronger downward pressure on rates. The Continent is not active at all. Outlook: Grim. Activity remains quiet in the F.East and seems no relief for owners. Supras getting under usd 5000 bss North China dely for Indo-India and Thailand rounds. From WCI, rates remained steady around usd 15-16k and from ECI USD 12k for trip to east. Some believe Indian iron ore activity to pick up after Chinese holidays. RBCT rounds around usd 13k bss WCI. Short period rates for Supras still around USD 14k. Handymax cargoes from Red Sea to India are fixed around low-mid 20s on voyage” it said.
Regarding the Panamax market, the report mentioned that as Chinese New Year holidays began yesterday, “the activity level slowed down even further. With a cyclone approaching Australia and an already over-supply of tonnage in the Pacific, several Panamaxes were ballasting towards the USG. Approximately 60 vessels were reported sailing inbound this week. This of course put more pressure on the Atlantic basin which already struggled with its tonnage/cargo ratio. Pacific rounds fixed usd 7500 and TA´s usd 10500, fronthauls USD 19600 and backhauls USD 3400. The period market has almost vanished the last couple of weeks. Even so, some short period deals have been reported done in the region 15-15,5k” it concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 04 February 11
PERTAMINA DENIES KAREN AGUSTIAWAN RESIGNS FROM PERTAMINA
COALspot.com - The President Director of PT Pertamina, Karen Agustiawan reportedly will replace Darwin Saleh as Minister of Energy and Mineral Resou ...
Friday, 04 February 11
ADARO ENERGY FY10 COAL SALES UP 6 PERCENT TO 43.84 MILLION
As reported by insider stories, Indonesian coal miners PT Adaro Energy Tbk has produced 42.20 million tons of coal in 2010, a 4 percent increase com ...
Thursday, 03 February 11
MERCATOR LINES TO INVEST RS 200-250 CRORE ON COAL MINE IN INDONESIA - ECONOMIC TIMES
Economic Times reported that, Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 43.825 - 54.781 ...
Wednesday, 02 February 11
INDONESIA MAY MISS COAL EXPORT TARGET IN 2011
COALspot.com - Indonesian Trade ministry has instructed independent surveyors temporarily not to issue pre-shipment survey report (LS) to the compan ...
Wednesday, 02 February 11
BAYAN TO SUPPLY COAL TO TP UTILITIES LTD
Insider Stories has reportd that, Indonesia's one of the leading coal miner PT Bayan Resources Tbk (BYAN) owned by businessman Dato' Low Tuck ...
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- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Australian Coal Association
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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