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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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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
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- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Australian Coal Association
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
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