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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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Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
Monday, 28 June 10
MEC TO INK COAL-EQUITY SWAP DEALS WITH POWER PROJECTS
Business Line reported that, First it was power producers moving to pick up stakes in coal mining projects to ensure the raw material supplies.
N ...
Monday, 28 June 10
COLOMBIA WILL LIKELY EXPORT 80 MILLION TONNES OF COAL IN 2010
Best Colombia reported that, Mr Hernan Martinez energy and mines minister of Colombia told reporters that Colombia will likely export 80 million ton ...
Monday, 28 June 10
WESFARMERS' SEPT QTR COAL PRICE UP 11% - SMH
SMH reported that, Wesfarmers Ltd says it expects a 11 per cent increase in prices for metallurgical coal from its Curragh mine in Queensland in the ...
Saturday, 26 June 10
THE SUPRAMAX INDEX FOR S6 ROUTE WAS UP BY US$ 1091 PER DAY OR 5.7 PERCENT D-O-D -- VISTAAR
COALspot.com: The market appears to be steadying with all indices almost stabilizing and the drop much less than last two weeks.
The BDI softened ...
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- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- The University of Queensland
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
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