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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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Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
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- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- PTC India Limited - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
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