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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 $24 000 a day by October.
Will Fray, shipping analyst with MSI, said coal imports could drop off once China's hydro power output returned to a proper operating capacity and local coal stocks, depleted by drought, were rebuilt.
"We expect earnings to be on average higher than 2009 for panamax and handymax. The order book still looms heavy, however, and we anticipate earnings to fall across all segments in 2011 even given a rise in Chinese coal imports," he said.
Source: Reuters / Hellenic Shipping
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Sunday, 18 April 10
GOVT FORMS PANEL FOR RS 12,000-CR (US$ 2.711 BILLION) COAL INDIA IPO - ECONOMIC TIMES
Economic Times reported that, the government has formed an inter-ministerial panel to carry forward the proposed Rs 12,000-crore (US$ 2.711 billion) ...
Sunday, 18 April 10
THE FUTURES FOR THREE YEARS (2010-2012) FOR PANAMAX WAS AT AROUND US$ 21500 PER DAY - VISTAAR
COALspot.com: The BDI indices up by 3.30 pct and overall market continued to be firm except for India to Fareast.
“The cape index for the f ...
Saturday, 17 April 10
DRY BULK SHIPPING MARKET ANALYSIS - BIMCO
Strong Chinese steel market is set to cushion the flood of new Capesize vessels entering the dry bulk fleet Demand: The first quarter of 2010 saw up ...
Saturday, 17 April 10
DRY BULK MARKET EDGES HIGHER ON STRONGER DEMAND
The dry bulk market managed to inch higher by the end of the week as brokers indicated that stronger cargo demand pushed freight rates that much hig ...
Friday, 16 April 10
KRISHNAPATNAM PORT IS IRONING ITS WAY INTO RECORD BOOKS
COALspot.com: Krishnapatnam Port achieved a new benchmark by loading 60,021 MT of Iron Ore fines in just 24 hrs surpassing its previous record of 54 ...
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- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Australian Coal Association
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Planning Commission, India
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