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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, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
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Showing 5751 to 5755 news of total 6871 |
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- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
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