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