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Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
 The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yesterday fell for the 20th consecutive day, now standing at 2,515 points, which is the longest negative series since April of 2009.
It’s also the lowest point of the market since early October last year. This time around, the fall has impacted almost all ship types, with the capesize market once again finding itself earning lower daily rates than the smaller in size panamax segment. Daily rates for capesizes are now at $24,064, with the trend predicted even lower. By contrast, some dynamics evolved in the panamax market, with the Baltic’s Panamax Index rising by 45 points yesterday to 3,062 (versus 2,698 of the Capesize Index).
According to Commodore’s weekly report, “chartering activity was subdued as Chinese players were away from the market celebrating the three-day Dragon Boat Festival which began on Monday. Market sentiment has remained negative due to the growing fear of an approaching slowdown in Chinese real estate construction; this fear has intensified as Chinese steel mills have announced temporary cuts in steel output in order to reverse falling prices. Spot iron ore demand, however, remained firm throughout last week. 23 vessels were reportedly fixed to export iron ore, only 2 less than the previous week. In addition, overall spot chartering activity increased at the end the week after Chinese players returned from the holiday”.
Commenting on the capesize market in its latest report, shipbroker Fearnley’s said that these are challenging times for the biggest ships as spot demand presently not
matching flow of early units. “The Atlantic is struggling in particular, as fronthaul cargoes for July dates are few and far between. Ballasters from FEast are plentiful, and consequently the Tubarao/Qingdao conference trade has fallen by usd 3.50 pmt/usd 14k per day to present usd 37k. The W.Aust/China trade is on a similar track, with daily earnings for Pacific rounds cut by more than 30% to come in at below usd 20k. Although no sign of recovery is evident, numerous major players are considering present levels temporary and thus willing cough up upto almost 50% hire premiums for tonnage willing short period” the report said.
ICAP forecast the main index would reach 2,441 points in the third quarter and 2,677 in the first quarter of 2011. As quoted by Reuters, Georgi Slavov, head of dry freight research at ICAP Shipping said: "we remain bearish especially on the capes for the next month or two. After that, I do expect again a revival of activity". He also said that while the pace of fleet growth was likely to keep pressure on capesizes, the outlook for panamaxes and handysizes was better due to expectations for slower fleet growth.
"We may see for a prolonged period of time later on this year and especially next year capes trading below panamaxes," he said. "(Capesizes) will be under pressure."
Meanwhile, China, the biggest and most important powerhouse of the dry bulk shipping market is apparently using large amounts of domestic ore. The country produced 91.05 million tons of iron ore in May, an increase of 2.95 (3%) from 88.1mt produced in April. In the first five months of 2010, China has produced 383.2mt of ore, an increase of 90.74mt (31%) from 292.46mt of ore produced during the same period last year. Iron ore imports, however, have only increased by only 8% (China imported 262.24mt of iron ore in the first five months of 2010 and 241.93mt in the first five months of 2009). “A greater proportion of domestic iron ore has been used by steel mills this year to produce a record amount of steel. Chinese steel mills have produced 269.4mt of crude steel in the first five months of 2010, an increase of 52.36mt (24%) from the 217.04mt of crude steel produced in the first five months of 2009” Commodore noted.
Another factor weighing down of dry bulk rates is the fact that Indian iron ore exports remain under more pressure. India’s Supreme Court recently issued a restraint order restricting the Bellary Mines Company from mining iron ore in Andhra Pradesh, a state in southeast India. The company is suspected of transporting iron ore that has been mined illegally. India’s government has been consistently cracking down on illegal mining and railing of ore, as there has been widespread suspicion that government officials have been working with local mafia to transport illegal shipments of iron ore. Indian iron ore exports are under additional pressure due to monsoon rains limiting shipments. In the upcoming weeks, China will continue to source a large amount of ore from Australia and Brazil.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 02 August 10
DRY BULK MARKET NEEDS TO FIND ADDITIONAL SUPPORT IN AUGUST
The dry bulk market ended another week of rebounding, posting on Friday its 11th straight rise. Still, as analysts point out the rate of this rise h ...
Monday, 02 August 10
LINC, ADANI COMPLETE THEIR COAL CONNECTION
"THE much-speculated deal between underground coal gasification company Linc Energy and India's Adani Enterprises is set to be signed tomorrow ...
Saturday, 31 July 10
TABONEO ANCHORAGE TO LOAD 1.5 MLN TON OR MORE COAL IN H1 AUGUST
COALspot.com: Eighty five ocean going vessels and barges have been nominated by coal buyers to their respective suppliers in Indonesia to load about ...
Saturday, 31 July 10
SEEMS THE FREIGHT MARKET WOULD BE FAIRLY STABLE FOR H2 2010 - VISTAAR
COALspot.com: The BDI continued moving up since 16th July and rise by 14 pct almost touching 2000 points.
The BDI was up by 7.72 pct last week wh ...
Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) ga ...
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- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- The University of Queensland
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Planning Commission, India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
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