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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, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
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- London Commodity Brokers - England
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
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