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Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were higher, with the Panamax Index gaining the most at 1,145 points, while the Capesize one was also on a high. The only exception was the Handysize market, which retreated by four points yesterday. Still, the index is more than 30% lower than the start of the year, with capesize average spot charter earnings showing a fall of more than 80% by reaching levels of $3,988/day, from about $24,000/day at the beginning of the year. On mid June, capesize average spot earnings fell at their lowest point since December 2008, of less than $3,500/day, with panamax vessels showing softness at levels of less than $8,000/day from more than $13,000/day at the beginning of May.
In recent comments, Golden Destiny’s analysts noted that “during the first days of July, BDI continues its upward trend with capesize average spot earnings surpassing the barrier of $5,000/day and panamax earnings climbing to more than $8,000/day. Smaller vessel categories, supramax and handysize units are showing firmness at levels of more than $13,000/day and $10,000/day respectively. The positive performance of smaller vessel categories has been supported by increased movement of grains and a number of minor bulk cargoes, while the fragile Chinese iron ore and coal demand impaired the demand for capesize and panamax tonnage. Chinese demand for imported iron ore cargo posed weakness in June due to a tremendous decline in steel production and a large amount of iron ore stockpiled at Chinese ports, despite the rise of Chinese iron ore imports in the first five months of the year to around 300.1mt, up 9% year-on-year” they said.
Still, as Maria Bertzeletou noted in the latest weekly report from Golden Destiny, the prospects for the second half of the year aren’t yet promising in all for the dry bulk market. “Chinese steel production has not yet recovered, port stockpiles are elevated, above 96 million tons of iron ore and 8.7 million tons of coal, while Chinese iron ore demand is expected to show not significant strength in the coming weeks. Chinese demand for imported thermal coal is also poised to remain low on the short term, as power plant and coal stockpiles remain high and hydropower production continues to be on rise. However, peak summer electricity demand season is underway in China and a rebound in thermal coal fixture volume is likely for the second half of the year with stronger panamax earnings. Top grade iron ore price shows sings of weakness with the benchmark 62% iron ore content price falling to $135/tonne as Chinese steelmakers have reduced their purchases from declining steel production that has hit the iron ore supply chain” she said.
She also added that “despite the recent negative picture of capesize ton mille demand, there is still faith in the segment as Chinese government’s stimulus measures in the industrial sector may bring firmer iron ore demand, but it seems difficult the capesize average spot earning to surpass the levels of $10,000/day as they are struggling to perform in the current vessel’s supply figures, when in December of 2011, they were floating at levels near to $30,000/day. Under the current fundamentals, shipping players prefer to move towards the scrapping of overaged large sized vessels, capesizes and panamaxes, with secondhand investments being on the frontline as more preferable type of investment than the construction of new units.
Secondhand asset prices have plunged from the first half of 2011, especially in the large sized vessel segments, capesize and panamax, with the BDI triggering further falls during the second half of the year. According to the Baltic Exchange’s Sale and Purchase Assessments, the value of a 5yrs old capesize of 172,000dwt has dropped to about $33,4mil from $42,9 at the end of June 2011, while at end of June 2008 was more than $153mil. In the panamax market, the value of a 5yrs old vessel of 74,000dwt is now at near $23mil, from $30,8 at the end of June 2011, while at the end of June 2008 was more than $88mil. In the supramax segment, the value of 5yrs old vessel of 52,000dwt is now in the region of $22mil from $27,5mil at the end of June 2011, while at the end of June 2008 was at more than $75mil” she concluded.
Still, for the time being Capesizes are currently earning $7,904/day, an increase of $3,916/day from a week ago, while panamaxes are earning $9,002/day, an increase of $1,167/day. At similar week in 2011, capesizes were earning $13,995/day, while panamaxes were earning $13,471/day. Supramaxes are trading at $13,556/day, up by $411day from last week’s closing, 72% and 51% higher than capesize and panamax earnings respectively. At similar week in 2011, supramaxes were getting $13,443/day, hovering at 3.9% lower levels than capesizes versus 72% today’s higher levels. Handysizes are trading at $ 10,309/day; down $105/day from last week, when at similar week in 2011 were earning $10,422/day.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
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- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
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