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Saturday, 22 May 10
PORT CONGESTION IN AUSTRALIA HELPING RATES CHINA COAL IMPORT BOOM TO CUSHION FREIGHT RATES
 China's record coal imports this year will provide some support to freight rates but growing pressure from fleet oversupply is set to limit gains. Net coal imports to China, the world's biggest coal producer, could soar 70-100 percent to 170 million tonnes or more in 2010, boosting coal prices globally, if the country's power use boom continues, according to exporters and analysts including the International Energy Agency.
Much of the coal is being transported in smaller panamax vessels, which have a capacity of around 60 000 and 80 000 deadweight tonnes (dwt). This helped average daily earnings for panamaxes rise this week to over the $35 000 level -- their highest since November last year.
"One of the main freight drivers has been this growth in coal exports to China," Martin Sommerseth Jaer, lead shipping analyst with Arctic Securities, said.
Panamax earnings have averaged around $29 900 a day so far this year from $19 300 a day in 2009.
Drought in south western China has also pushed up demand for coal in recent weeks leading to record high congestion levels at ports in major exporter Australia, already struggling with logistical problems.
"(China's coal demand) has also helped contribute to congestion on the east coast of Australia thereby cutting fleet supply and boosting freight rates," Derek Langston, a director with SSY Consultancy and Research, said.
China's coal appetite is also set to help tonne mile demand -- a key indicator of ship demand -- which measures the volume of cargo transported multiplied by the distance of the voyage.
"It's very beneficial for tonne mile demand as you have the involvement of more long haul voyages to China such as Colombia and some South African coal," Langston said.
"The reduction in export availability of Chinese coal to buyers in Korea and Japan means there is another benefit ... as those buyers have to seek coal from further afield such as Indonesia and Australia."
Listed dry bulk shipping companies with panamaxes among their fleet such as Safe Bulkers, Golden Ocean group and Diana Shipping could also see gains.
"Dry bulk stocks with large panamax or supramax or handymax fleets are the most prone to benefit from this," Arctic Securities' Jaer said.
FLEET GROWTH
China's appetite for coal has also meant better sales for exporters from Colombia which is the longest route, which could also help benefit demand for coal capesizes, the largest class of dry bulk vessels with a capacity above 100 000 dwt.
But analysts say growing ship supply will put the brakes on rate gains.
"Over the next couple of years you need more coal trade to China and more coal imports to India to absorb the growing fleet," Jaer said.
"Even the most optimistic scenario on the demand side will likely not be able to bolster rates further as we believe the supply side is simply so overwhelming."
SSY estimated dry bulk net fleet growth rising to 63 million dwt this year from 38 million dwt in 2009.
"Robust Chinese thermal coal imports are expected to continue, even after the drought improves, but this incremental increase in dry bulk demand will not be enough to outpace the record level of new buildings continuing to be delivered," Jeffrey Landsberg, senior analyst with dry bulk consultants Commodore Research, said.
Panamax freight rates are currently around $27 per tonne on most major coal routes and could drop by up to $5 per tonne, but much will depend on how much ship tonnage gets absorbed, coal players said.
"It's very difficult to predict what will happen to freight rates," a major Indian importer said. "I'd like to think rates will come down later in the year but I can't be confident."
Consultants MSI estimated average panamax earnings could reach $24 000 a day by October.
Will Fray, shipping analyst with MSI, said coal imports could drop off once China's hydro power output returned to a proper operating capacity and local coal stocks, depleted by drought, were rebuilt.
"We expect earnings to be on average higher than 2009 for panamax and handymax. The order book still looms heavy, however, and we anticipate earnings to fall across all segments in 2011 even given a rise in Chinese coal imports," he said.
Source: Reuters / Hellenic Shipping
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Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Australian Coal Association
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
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