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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, 13 May 10
ACTIVITY ON WEST COAST INDIA IS SLOWING - FEARNLEYS AS
DRY BULK CHARTERING
Handy
Atlantic markets remain firm but more for end May/beg June dates as there seems to be more enquiries for those dates. ...
Thursday, 13 May 10
DRY BULK SHIP OWNERS CHEERFUL AMID MARKET RALLY
China’s appetite for raw materials like iron ore and coal, as well as a series of added factors are boosting demand for dry bulk carriers, hel ...
Wednesday, 12 May 10
BANPU'S Q1 PROFIT SLIDES 43% TO B2.71BN - BANGKOK POST
The Bangkokpost reported that, Banpu Plc posted a first-quarter net profit of 2.71 billion baht, down by 43% from the same period last year.
The ...
Tuesday, 11 May 10
DALRYMPLE BAY COAL EXPORTS HIGHEST SINCE JULY; NEWCASTLE FALLS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Dalrymple Bay terminal in Queensland state rose to the highest in nine months in Apri ...
Tuesday, 11 May 10
DRY BULK RATES SHOOT UP ON STRONG CARGO DEMAND
The dry bulk industry’s benchmark, the Baltic Dry Index (BDI) has kept its momentum, as predicted by analysts and shipping experts, managing t ...
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- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
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