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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, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
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- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Planning Commission, India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
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