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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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- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Australian Coal Association
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- The University of Queensland
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- CNBM International Corporation - China
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
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