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Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
 In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up during the first two days of this week, ending yesterday’s session up by 244 points to 4,187. This is very close to the all-time highs of the BDI, since the financial crisis struck the global economy and triggered a crash of the BDI to just 661 points by early December of 2008.
The most impressive rise was noted in the leading cape size market segment, where just yesterday, the BCI (Baltic Capsize Index) shot up by an impressive 637 points to surpass the 5,000 point mark (5,262). On the opposite end, rates for all smaller ship sizes were down yesterday.
In a relative report, Commodore Research & Consultancy, said that “going forward, declining steel and iron ore prices are still a cause for concern and we still remain cautious that dry bulk freight rates will continue to come under pressure in the immediate future. It is encouraging, however, that iron ore stockpiles at Chinese ports have decreased and spot chartering activity increased at the end of the week. Congestion is also high and it is encouraging that global steel production set a new record in April and so far remains firm. Global steel output normally remains robust during the Northern Hemisphere summer and we continue to anticipate a rebound in dry bulk cargo demand in the upcoming months”.
It went on to add that slowly improving conditions in southwest China have allowed hydropower production to increase, which reduces the need for thermal coal, but Chinese demand for thermal coal is expected to remain robust as China enters peak summer demand season and the economy continues to expand at a rapid pace. “In addition, the commencement of Indian monsoon season will result in China needing to import more iron ore from australia and Brazil which will lend additional support to Cape size freight rates.
A decrease in Indian iron ore exports, which are normally carried on Supramax and Panamax vessels, will be partially offset by an increase in Chinese grain imports. Overall, dry bulk cargo demand is in a bit of a lull, but thermal coal and grain demand remain robust and iron ore demand is still firm. The Chinese housing market and real steel consumption must continue to be closely monitored. It seems unlikely that steel and iron ore demand will suffer a sustained decline but spot prices and vessel fixtures must continue to be monitored closely” said Commodore.
Meanwhile, according to the latest official data, China produced 88.1 million tons of iron ore in April, an increase of 8.34mt (10%) from 79.7mt produced in March. Chinese iron ore production usually increases in the same months when China imports a large amount of ore - China imported 55.3mt of ore last month, about 2.7mt (5%) more than this year's monthly average of 52.6mt. Robust ore production in China is likely to continue - but May production may decrease as Chinese ore demand has come under pressure. China will continue to import large amounts of ore, however, as demand is expected to remain firm and domestic ore is of low quality.
In another bullish move for the market, surprise reports emerged for new building orders from both Rio Tinto and BHP Billiton. According to the latest weekly report by shipbroker Barry Rogliano Salles (BRS), Rio Tinto was said to have placed a US$ 500m order at Hanjin for eight 205,000 dwt vessels. Meanwhile BHP is reportedly set to give 10-year charter backing to six vessels of the same size to be ordered by Fortis bank at Hyundai (at a cost of US$ 66-US$ 67m each). “Although we have seen Vale busy in the market, this is the first apparent new building move from the other two mining groups, a strategy in line with the shift towards more CIF-based selling.
While Rio picked up several second hand vessels last year, prices have risen since then, increasing interest in new builds. The US$ 62.5m price tag quoted for Rio’s large Capes is similar to the current Baltic price for a 5-year-old 170,000 dwt Cape. If confirmed, the BHP contract would represent the first ‘Newcastlemax’ tonnage of around 200,000 dwt built by the yard since the early nineties” said the broker.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 15 June 10
INDONESIA'S COAL EXPORTS FELL TO 18.52 - MILLION TONS IN MAY
COALspot.com: Indonesia, the world largest coal exporter, shipped 18,529,695 of coal in May 2010. May coal exports dropped by 20.61 percent co ...
Monday, 14 June 10
S. AFRICA BOOSTS COAL SALES TO INDIA 12%, TRADER SAYS
Bloomberg reported that, South Africa’s Richards Bay, the world’s second-biggest coal export harbor, boosted sales to India by 12 percen ...
Sunday, 13 June 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND CAPE/US$ 29000 PER DAY & PANAMAX/US$ 20500 PER DAY - VISTAAR
COALspot.com: The market continue to soften in all sectors and the most affected was cape size which was down by 16.32 pct. The BDI was down by 14.4 ...
Saturday, 12 June 10
BALTIC EXCHANGE ESTABLISHES ASIA-PACIFIC OFFICE
The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact w ...
Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two f ...
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- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Economic Council, Georgia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- PTC India Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
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