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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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Thursday, 17 June 10
COAL EXPLORATION & DEVELOPMENTS HOTPOTS CONFERENCE
Press Release: The Coal Exploration and Developments Hotspots conference will bring together a panel of more than 20 of the world’s lead ...
Thursday, 17 June 10
AUSTRALIA'S LEIGHTON WINS $1.3 BILLION OF NEW WORK - THE JAKARTA POST
Australian construction and contract mining group Leighton Holdings Ltd. said Thursday it has won 1.5 billion Australian dollars ($1.3 billion) of n ...
Wednesday, 16 June 10
INDONESIAS STATE OWNED ELECTRICITY COMPANY WILL CONSUME 95.30 MILLION TONS OF COAL IN 2014
COALspot.com: Indonesia's state owned electricity company forecasted its coal requirement in 2014 would be around 95 million tons. ...
Wednesday, 16 June 10
MADHYA PRADESH GOVT IMPORT 50K METRIC TONNES OF COAL FROM INDONESIA - DNA INDIA
DNA India reported that, the Madhya Pradesh government has imported 50,000 metric tonnes of coal from Indonesia to deal with its shortage which is a ...
Tuesday, 15 June 10
INDONESIA'S COAL EXPORTS FELL TO 18.52 - MILLION TONS IN MAY
COALspot.com: Indonesia, the world largest coal exporter, shipped 18,529,695 of coal in May 2010. May coal exports dropped by 20.61 percent co ...
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- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
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