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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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Saturday, 15 January 11
MAKE SACRIFICES TO SAVE PLN, INDONESIA GOVT BEGS MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Darwin Zahedi Saleh, Indonesia's minister of energy and mineral resources, on Friday appealed to local coal compan ...
Saturday, 15 January 11
RISING PRICES, GOVERNMENT DECREE LEAVE PLN AT LOGGERHEADS WITH COAL FIRMS - THE JAKARTA GLOBE
The Jakarta Globe reported that, As coal prices continue to increase, state utility Perusahaan Listrik Negara faces problems in securing enough coal ...
Thursday, 13 January 11
SURGING COAL PRICES UNDERMINE PLN'S EFFICIENCY PROGRAM - THE JAKARTA POST
The Jakarta Post reported that, The soaring global coal prices are undermining state electricity company PT PLN's pledge to improve its operational ...
Thursday, 13 January 11
SPML INFRA TO DOUBLE INDONESIA COAL MINE OUTPUT IN TWO YEARS - DNA INDIA
DNA India reported that, Kolkata-based infrastructure company SPML Infra, formerly Subhash Projects & Marketing Ltd, will in two years nearly do ...
Thursday, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry ...
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- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Parliament of New Zealand
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
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