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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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Monday, 17 May 10
S. AFRICA CUTS EUROPE COAL SUPPLY, ASIA SALES RISE, TRADER SAYS - BLOOMBERG
Bloomberg reported that, South Africa’s Richards Bay Coal Terminal, Europe’s biggest source of the fuel burned for power, cut shipments ...
Monday, 17 May 10
GREEK CRISIS TO SEE FREIGHT RATES FALL BANGKOK POST
The Greek debt crisis will likely cause shipping rates to fall this quarter enabling SET-listed Precious Shipping Plc to buy second-hand vessels at ...
Monday, 17 May 10
NEWCASTLE COAL QUEUES COULD BE HISTORY - THE HERALD
NEWCASTLE'S infamous coal queues could be a thing of the past if a plan to have the ships anchor over the horizon succeeds against the doubts of it ...
Sunday, 16 May 10
THREE FIRMS SHORTLISTED FOR CIL'S $ 2BN OVERSEAS PROJECTS - ECONOMIC TIMES
Economic Times reported that, State-owned Coal India Ltd (CIL) has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/S ...
Sunday, 16 May 10
INDIKA ENERGY & COAL ASSETS EXPANSION
Insider stories reported that, PT Indika Energy Tbk (INDY) has three portfolio coal assets, PT Kideco Jaya Agung, coal asset in East Kalimanta ...
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- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
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