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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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Wednesday, 19 May 10
DRY BULK FREIGHT RATES' RALLY MAY BE SET TO END
The Baltic Dry Index (BDI) has rallied these past couple of weeks, almost touching the 4,000 point mark. But this positive development for dry bulk ...
Wednesday, 19 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE LENGTHENS
Coal shipments from Australia's Newcastle port, the world's biggest export harbor for the fuel used in power stations, rose 2.9 percent last week ...
Tuesday, 18 May 10
THE BDI HIT A FIVE-MONTH HIGH AT THE CLOSE OF LAST WEEK
According to BRS, One of the oldest ship broker, at 3,929 points, the BDI hit a five-month high at the close of last week. The Capesize four time ch ...
Tuesday, 18 May 10
COAL TRADER CHINA QINFA TO BUY TWO BULK CARRIERS FOR 69 MLN USD
China Qinfa Group, a leading non-State-owned coal trader on China's mainland, said Sunday it had signed shipbuilding contracts to pay 69 million U. ...
Monday, 17 May 10
INDONESIA SHIPPED 15.51 PERCENT LESS COAL IN APRIL THAN A MONTH EARLIER
COALspot.com: Indonesia, the world largest coal exporter, shipped 23,331,542 MT of coal in April 2010, compare to 27.61 million tons in ...
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- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Commonwealth Bank - Australia
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