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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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- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- The University of Queensland
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Planning Commission, India
- Aditya Birla Group - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
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