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Friday, 20 November 09
DRY BULK SHIP OWNERS HOPE RALLY WILL LAST
 Boon times are still on the daily agenda of every dry bulk ship owner these days after one of the toughest year in the industry’s century-old history. Yesterday, the Baltic Dry Index, a leading gauge which tracks the cost to hire a dry bulk carrier, hauling commodities such as iron ore and coal, kept its upwards momentum, albeit it showed the first signs of fatigue after almost eight weeks of rallying.
The BDI ended at 4,661 points, up by 18, but the Capesize sector posted its first daily drop in many days, with the relative index (BCI) now at 8,056, down by 187 points. Still average daily time charters for capesizes stand at $ 87,118, close to this year’s highs.
According to Jim Wong, an analyst with Nomura Holdings of Hong Kong, the Baltic index will average 4,000 points in 2010. In a relative report he mentioned that the 4,000 level implies all contracts are profitable. He also added that “we reiterate our bullish view on the dry-bulk shipping sector, as we expect dry demand, mainly from China, will continue to improve, coupled with less-than-expected supply resulting from order-book delays and cancellations.”
Those are the good news thus far, since the market has raced towards the end of year, a rally which helped some owners find their optimism, book some good deals and boost their finances. But, once again, this latest rally of more than 450% from the beginning of 2009 has been fuelled by Chinese iron ore imports and ship congestion in key ports of China, Australia and Brazil. As everyone in the market knows, this factor is quite volatile and as soon as iron ore stocks in China are replenished, the BDI could very well head the opposite direction.
This time more than ever, it’s imperative for owners to scrap their older vessels, as they will compete with their younger ones, as soon as they are delivered. According to Peter Norfolk, director at SSY Consultancy and Research, who was quoted by Bloomberg, at the start of 2009 about 170 Capesize vessels were on order for delivery this year alone. However, net new ship availability amounts to just 35 vessels currently, as a result of scrapings, congestion and the fact that some greenfield shipyards have either not been built or have not delivered on schedule.
About 300 Capesize vessels were on order for 2010, Mr Norfolk said, but there was huge uncertainty over how many would be delivered.
Meanwhile, it is estimated that a total of 600 new building orders have been cancelled by ship owners. Out of them, about 400 ships or 65% are dry bulk carriers, with reportedly 120 of them Capesizes. however, this doesn’t mean much, as most yards continued building the vessels, in hopes of finding other buyers, which in fact has been the case with many Chinese owners, who are backed by local banks and of course the government.
Another interesting factor is that the main volume of cancellations occurred until May. Since then, the rate of cancellations was practically erased, with virtually no other cancellations, apart from a handful of tankers and container ships. Still, China alone seems to be able to support the market, as the country is investing in public works, which alone is a boost for demand of raw materials, while the real estate market is also on the rise.
As long as other economies return to the market, with the exit from the recession slowly becoming a reality (Singapore was another country which declared its economy is now out of the recession), dry bulk owners will have more things to cheer about.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Monday, 23 November 09
INDONESIA MINING RULE THREATENS INVESTMENT DRIVE
A new Indonesian mining rule, limiting contract work that can be outsourced and favouring local players, is shaping up as a new blow to plans ...
Sunday, 22 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 25,000/26,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR ANALYSIS
COALspot.com (Singapore): Analyised by Capt. Radhakrishnan Reddy, Managing Director of Vistaar Shipping Services, Singapore.
BDI hits a new high ...
Friday, 20 November 09
INDONESIA UNITED TRACTORS PLANS $430 MLN CAPEX IN 2010
Reuters reported that, Indonesian heavy equipment distributor and mining contractor PT United Tractors Tbk plans capital expenditure of $430 million ...
Friday, 20 November 09
NTPC LOOKING FOR LONG TERM CONTRACTS FOR COAL IMPORT
Business Standard of India reported that, State run power firm NTPC today said it is looking for long-term supply of coal from overseas market to me ...
Friday, 20 November 09
CHINESE COKING COAL SUPPLY TO BE 'TIGHT' IN 2010, KGI SAYS
Bloomberg Reported that, Stephen Wang, an analyst with KGI Securities in Taipei, comments on the outlook for Chinese steel production and demand for ...
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- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Parliament of New Zealand
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
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