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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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Friday, 16 April 10
RBCT COAL DISPUTE RESOLVED - MININGMX
Miningmx reported that, the long-simmering spat over the coal allocation for producers who will use the expanded facilities at Richards Bay Coal Ter ...
Friday, 16 April 10
COAL INDIA SELECTS MERCHANT BANKERS TO ACQUIRE OVERSEAS ASSETS -THE HINDU
An investment of about $1.8 billion is expected to be made in these deals
The Hindu reported that, Bank of America-Merill Lynch, Royal Bank of Sc ...
Thursday, 15 April 10
MAJOR THERMAL COAL CONTRACT AT 40% HIGHER PRICE THAN LAST YEAR - BUSINESS STANDARD
Business-Standard reported that, India is expected to import nearly 60 million tonnes of thermal coal this year.
After coking coal and iron ...
Thursday, 15 April 10
RICHARDS BAY ROUNDS BACK TO INDIA SUPRAS WERE FIXED AT MID 20'S
Handy
The BSI remains in a positive momentum and the Atlantic remains unchanged from last week. Fronthaul grain is active which is keeping ballast ...
Thursday, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
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- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Planning Commission, India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- The University of Queensland
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
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