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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, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
Tuesday, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...
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- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
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