http://www.nordic-drybulk.info/?Dry_Bulk_Index
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16/7 2009 21:56 fcras 0
15344 Noble price
Capesize rates surged on Thursday taking the index with them.
A front-haul grabbed the headlines but rates were not as good in the Pacific, also true of panamaxes.
There was a plethora of period fixtures in all asset classes but nobody is willing to go for over a year.
Capesizes
Noble spent $88,500 a day on a front haul with the 177,000-dwt Sapientza (built 2008).
Seawain has the 179,200-dwt Athenian Phoenix (built 2009) for a trip from Korea to Australia and China at $65,000 per day.
A roundtrip from China to Brazil cost Dreyfus a relatively low $53,000 per day.
This is also what Oldendorff spent on five to seven months with the 161,600-dwt Anangel Solidarity (built 1993).
Vitol spent $48,200 daily on up to half a year with the 149,300-dwt C. Harmony (built 1994).
Panamaxes
Cargill and GMI got relative bargains on 11-13 month deals, the former spending $18,500 a day with the 73,700-dwt Flipper (built 1999) and the latter $18,000 on the 75,500-dwt Richmond (built 1995) for the same period.
Both Blessing Bulk and Daebo had to spent $21,000 a day for the same length of charter, the former with the 74,200-dwt Oregon (built 2002) and the latter with the 76,400-dwt Trafalgar (built 2001).
This is also what the 76,000-dwt Fu May (built 2002) cost for between six and seven months.
Golden Ocean made the biggest play of the day, putting down $37,000 daily for a front haul with the 69,600-dwt Mass Prosperity (built 1993).
Cargill spent $31,000 daily for the 71,700-dwt Transgiant (built 1993) to shift from South America to Europe.
And a trip from India to South America and back to the Far East cost $28,000 with the 75,900-dwt Medi Kobe (built 2001).
This is also what Egyptian Bulk Carriers was charged for a Med-Black Sea-Red Sea spin with the 69,200-dwt Maria V (built 1987).
Supramaxes
Nobody was very committal here with the 55,700-dwt Poseidon SW (built 2008) going to three to five months at a good $23,000 and the 53,600-dwt Vela (built 2007) for four to six months at $19,000.
The biggest movement was in the voyage market where Clipper spent a massive $38,000 a day on the 53,400-dwt Ken Sea (built 2009) from the US Gulf to India.
Cargill has the 53,500-dwt Castlegate (built 2008) for a Med-US Gulf and South Africa run at $21,500.
By Eoin O'Cinneide in London
Published: 12:49 GMT, 16 jul 2009 | last updated: 12:49 GMT, 16 jul 2009
16/7 2009 21:58 fcras 015345 Wednesday, 15 July 2009 20:13
China Ocean Shipping Group Company (Cosco) has cancelled bulker newbuildings ordered at their own shipyards in China.
Two subsidiaries of Cosco, Qingdao Ocean Shipping and Cosco Hong Kong Shipping, have axed eight 57,000-dwt supramax newbuildings ordered at Cosco Zhoushan Shipyard.
The contracts were worth $298.7m, according to Singapore-listed Cosco Corp, which owns a 51% stake in Cosco Shipyard Group (CSG).
Work was yet to be started on any of the eight cancelled bulkers.
In addition, it turned out that the two China Cosco companies have also delayed a trio of 57,000-dwt bulkers that were due to be delivered between June 20th and December 10th last year. The three vessels are now set to be delivered between August 15th and October 31st this year.
Cosco Corp said there had been "numerous discussions and negotiations" with the shipowners over the contracts.
"In the circumstances, they have decided that the most viable solution for them mutually would be to vary or cancel the shipbuilding contracts," the Singapore company said.
For the cancelled newbuildings CSG will refund all installments made by the China Cosco companies.
In turn, China Cosco has agreed to not to pursue any claims for late delivery of vessels.
The cancellations by China Cosco add to CSG's newbuilding contract woes with over one third of its orderbook now either delayed or cancelled. In total, shipowners have delayed delivery of 32 vessels at its yards and cancelled 13 newbuildings.
The cancellations will hit not only Cosco Corp but also Singapore shipyard group Sembcorp Marine, which owns a 30% stake in CSG.
http://www.vinamaso.net/news-events/shipping-logistics/cosco-axes-300m-handymax-orders.html
16/7 2009 22:00 fcras 015346 Thursday, 16 July 2009
Rio Tinto, the world's third largest mining company, said Wednesday that its iron ore production rose 8 per cent in the second quarter and that it expects a recovery in Chinese steel demand in the second half of the year.
The positive tone to the operations review gave the Anglo-Australian company's share price a boost in London, with the stock rising 4 per cent to 2,098 pence, about $34.41 (U.S.).
However, the company added that markets remained tough over the second quarter and that its mined copper output fell 1 per cent due to problems at its Escondida joint venture in Chile, the world's largest copper mine.
Rio Tinto Chief executive Tom Albanese said production cuts announced by the miner in January in response to falling demand were beginning to take effect.
“Markets remained tough in the second quarter, as expected, particularly in aluminum,” Mr. Albanese said. “We continue to press ahead with actions to reduce costs across the board, align production with demand, and bring down levels of net debt.”
The company said that its iron ore guidance for its global operations in 2009, incorporating Australia, Canada and Brazil, remains around 200 million tons “with the recovery in Chinese steel demand expected to continue into the second half of 2009.”
It added that its share of mined copper from Escondida, which it owns jointly with BHP Billiton, fell by 41 per cent from the same period last year.
The company made no comment in the operations review about the detainment of four of its employees in China, who have been held since July 5 on espionage charges.
Australian Prime Minister Kevin Rudd has warned China that the world is watching how it deals with the investigation into the charges against the three Chinese nationals and one Australian citizen.
Source: Associated Press
http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=56328&Itemid=79
