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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, 20 April 10
INDO HARUM ENERGY WINS US$200MN LOAN PLEDGE FROM BANK SYNDICATE
Indonesian coal producer PT Harum Energy has secured a loan commitment of US$200 million from a syndicate of six banks.
Bank of Tokyo Mitsubishi ...
Tuesday, 20 April 10
PACIFIC SUPRA MARKET WAS STILL SOFTENING - BRS
A modest increase in dry bulk rates this week with activity picking up in the middle of the week. Panamax rates remain above the Capes, and there wa ...
Monday, 19 April 10
IS CHINA TO SUFFER NEW COAL SUPPLY SHORTAGE IN 2010? - XINHUA
Is China likely to suffer a new coal supply shortage in 2010? It's a question haunting many Chinese market analysts now. After a string of several ...
Monday, 19 April 10
WHITE ENERGY BUYS SA COAL - ABC NET
ABC Net reported that, South Australian Coal Limited is being bought by the New South Wales company White Energy.
Shareholders will get a combine ...
Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
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- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Australian Coal Association
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- White Energy Company Limited
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
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