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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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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
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- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- The University of Queensland
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Planning Commission, India
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