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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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Saturday, 19 June 10
STRONG DEMAND, RISING PRODUCTION SETTING SCENE FOR COAL BONANZA - THE JAKARTA GLOBE
The Jakarta globe rerported that, As the nation’s coal miners enjoy burgeoning demand from energy-hungry economies such as China and India, th ...
Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dr ...
Saturday, 19 June 10
COAL INDIA KEEN ON BLOCK DEVELOPMENT IN INDONESIA - THE HINDU BUSINESS LINE
Expanding horizon
Agreement by the Indonesian Government is likely to help CIL gain foothold in India's largest sourcing point of thermal coal.
...
Friday, 18 June 10
THE PANAMAX MARKET CONTINUED ITS SOFTENING TREND - FEARNBULK
Handy
Flat Atlantic markets with most markets in ´slow mode´ due to holidays in China.
Supramax vessels open in the USG are achievi ...
Thursday, 17 June 10
INDONESIAN COAL PRICE REFERENCE FOR JUNE IS US$ 97.22/TON UP 5.59 PERCENT
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has been publishing a monthly coal price reference (HBA) to be us ...
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- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- PTC India Limited - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
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