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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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Thursday, 12 November 09
FOREIGN INVESTMENT IN RUSSIAN COAL SECTOR
Reuters reported that, Russia's coal mines, particularly in the Arctic and Far East, are attracting interest from foreign investors as commodity pr ...
Thursday, 12 November 09
BANPU TO INVEST US$ 466 M
Plan targets 33.5m tonnes of coal per year
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, is planning capital investments of ...
Wednesday, 11 November 09
NORTHSTAR TAKES 40 PER CENT OF INDONESIAN MINING COMPANY
AltAssets reported that, PT Northstar Pacific Partners, the Indonesian affiliate of US private equity firm TPG, has taken a 40 per cent stake in Ind ...
Wednesday, 11 November 09
INDONESIAN COAL MINERS SOLD BIG VOLUMES OF 2010 TO CHINA
* China has scooped up large volumes of Indonesian coal
* Total exports to China in 2010 seen to exceed 20 million T
* Chinese, Indian demand may ...
Wednesday, 11 November 09
INDIAN COAL IMPORT FROM SA IN OCTOBER
Reuters reported that India imported 2.4 million tonnes of coal from South Africa's Richards Bay Coal Terminal in October 2009, 35% of the total of ...
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- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- VISA Power Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
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