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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 $24 000 a day by October.
Will Fray, shipping analyst with MSI, said coal imports could drop off once China's hydro power output returned to a proper operating capacity and local coal stocks, depleted by drought, were rebuilt.
"We expect earnings to be on average higher than 2009 for panamax and handymax. The order book still looms heavy, however, and we anticipate earnings to fall across all segments in 2011 even given a rise in Chinese coal imports," he said.
Source: Reuters / Hellenic Shipping
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Saturday, 15 May 10
THE AVERAGE CHARTER HIRE FOR CAPE REACHES US$ 49,931 PER DAY - VISTAAR SINGAPORE
COALspot.com: "The freight market was extremely buoyant this week with BDI almost up by 9 pct and the market was very firm in Feast/SE Asia sec ...
Saturday, 15 May 10
DRY BULK MARKET POSTS HEALTHY WEEKLY GAINS
The dry bulk market has reached new highs this week, the second consecutive solid one, with the industry’s benchmark, the Baltic Dry Index (BD ...
Friday, 14 May 10
JSW BUYS COAL MINES IN US, PRODUCTION STARTS IN SEPT
JSW Steel on Friday said it has completed $100 million acquisition of coking coal assets in the US and will start production from September to parti ...
Friday, 14 May 10
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL PROJECTS - PROACTIVE INVESTORS
Proactive Investors reported that, Kangaroo Resources (ASX: KRL) is preparing to complete the acquisition of its five outstanding Indonesian coal pr ...
Thursday, 13 May 10
CHINA CONCERNS TO TEST RAW MINERALS - THE AUSTRALIAN
The Australian reported that, COMMODITY prices will remain volatile and drop from recent highs as China's appetite for raw materials softens. James ...
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- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Economic Council, Georgia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- White Energy Company Limited
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
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