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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, 28 January 11
MPM SEEKS 40K TONS OF INDONESIAN COAL
An Indian paper producer Mysore Paper Mills Ltd., based in Bangalore is looking for 40,000 metric tons of non-coking coal of Indonesian o ...
Friday, 28 January 11
TRADING PERMIT DELAYS THREATEN EXPORTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, an ongoing wrangle over licenses for mining traders could hurt investment, a coal mining association chief said on ...
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 ...
Wednesday, 26 January 11
ADANI TO SET-UP RAIL, PORT AND POWER PROJECTS IN INDONESIA - MONEYCONTROL
Moneycontrol reported that, Adani Enterprises, the flagship company of India’s infrastructure conglomerate the Adani Group, today announced th ...
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 pass ...
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- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
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