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Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
 Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus that the falling pattern set since late May, might be coming to a halt. Yesterday, the Baltic Dry Index (BDI) was down by 19 points to 2,482, but the industry’s benchmark, the capesize segment of the market retreated by just one point, virtually unchanged .
The BCI (Baltic Capesize Index) is again trading at 2716 points, way lower than the Panamax index, which stands at 2977. As brokers have pointed out in the past, every time this pattern appears, the market looks set for a rebound.
According to the latest weekly report by Commodore Research & Analysis, dry bulk rates appear to be finally finding support.
“Capesize rates fell 18% week-on-week but reversed their fall by the end of the week due to moderate iron ore demand from China. 20 vessels were reportedly fixed to export iron ore, 3 less than the previous week. 13 of the ore fixtures were for Capesize vessels; a large amount of Capes also continue to be fixed to ship coal to buyers in Asia and Europe. Panamax freight rates have been able to find the most support due to firm European coal demand, robust Asian thermal coal demand, and moderate global grain demand.
Freight rates for the two smallest vessels continued to come under moderate pressure. With iron ore and coal demand still firm, and Supramax and Panamax rates basically on par with Capesize rates, Capesize rates could soon find more support Capesize rates are currently averaging $24,283/day, a decrease of $5,215 (-18%) from the previous week. Panamax rates are averaging $24,472/day, an increase of $530 (2%). Supramax rates are now averaging $22,192/day, a decrease of $1,151 (-5%). Handysize rates are averaging $17,228/day, a decrease of $944 (-5%)” said the report.
It went on to say that as a whole, dry bulk freight rates have fallen for twenty consecutive index days but appear to be finally finding support. Capesize rates managed to reverse their epic fall and increased slightly on Friday, with rates ending the week averaging $24,283/day. It is remarkable the difference a few weeks can make, as Capesize rates were averaging $55,010/day just three weeks ago. Since that time, Chinese steel prices have decreased moderately - but spot iron ore prices have been actually increasing and iron ore fixtures have remained firm. Period activity has decreased significantly, however, with only 52 period deals reported in the first four weeks of this month, 70 fewer deals than the 122 period deals fixed in the first four weeks of May.
The market has been influenced by negative sentiment brought on by fears of a slowdown in Chinese real estate construction. Steel production in China will likely decline moderately this month as steel mills respond to a steady decrease in steel prices - but a large decrease in production is not expected. Thermal coal demand in China and throughout Asia remains firm and will likely stay robust” concluded Commodore.
Meanwhile, in a separate report, shipbroker BRS (Barry Rogliano Salles) mentioned that the decline in dry bulk rates slowed this week and there was talk of the market bottoming out. “Explaining some of the recent softness, China confirmed a 19% fall in coal imports for May due mainly to high product and freight prices. Overall the BDI lost 7% week-on-week. Regardless, China’s National Energy Agency (NEA) predicted the country could overtake the US as the world’s largest energy consumer this year. According to the country’s National Bureau of Statistics, China consumed 3.02bn tons of coal, 380m tons of crude oil, 88bn cbm of natural gas and 3.7trn kWh of electricity in 2009. If its consumption growth rate remains stable at around 8.9% (the average growth rate between 2000-2009), the country could consume 8bn tons of coal by 2020, said the NEA. China has been the second largest global energy consumer since 2002” said BRS.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- VISA Power Limited - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
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