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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, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
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- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
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