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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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- Sinarmas Energy and Mining - Indonesia
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- Electricity Generating Authority of Thailand
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- The University of Queensland
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
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- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
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- Gujarat Mineral Development Corp Ltd - India
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- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
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- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
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- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
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- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
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- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
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- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
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- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Parry Sugars Refinery, India
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- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
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- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
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- Mjunction Services Limited - India
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- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Economic Council, Georgia
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- Commonwealth Bank - Australia
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- Bhatia International Limited - India
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- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
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- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
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- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
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