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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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Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
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- Jaiprakash Power Ventures ltd
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- White Energy Company Limited
- PTC India Limited - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
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