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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, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
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