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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, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
Sunday, 11 July 10
OVERALL NO OR NEGLIGIBLE IMPACT IN ARUTMIN MINE - BUMI
COALspot.com: Bumi denies the media reports on an impact of unusually rains on coal production in BUMI mines.
"Arutmin is being impacted by ...
Saturday, 10 July 10
FREIGHT MARKET SITUATION MAY CONTINUE FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: The market continued to soften further with the cape and panamax index down by about 20 pct and closed at 2,102 and 1,944 points respe ...
Saturday, 10 July 10
STC OF INDIA TO ASSOCIATE WITH FUEL SUPPLIERS
COALspot.com: State Trading corporation of India, which is under Ministry of Commerce, has invited Expression of Interest from coal suppliers ...
Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to dea ...
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- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- The University of Queensland
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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