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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rates and encourage longer haul journeys in the coming months. Despite a voyage time of 45 days compared with 15 from Australia, China's coking coal imports from the U.S. rose 4,800 percent in January-May 2010 from the same period last year and 85 percent from Canada, official Chinese import data shows. "This is a trade that did not exist in this quantity a year ago," Derek Langston, a director with SSY Consultancy and Research, said. North American producers able to sell their coal as either thermal or coking coal have switched their marketing efforts to China, away from the slumping domestic and European markets.
"This year the Chinese market had the capacity to start taking the high-sulphur metallurgical coal that the usual buyers weren't taking," a major U.S. coal trader said.
"Now the high-sulphur thermal coal, which used to go to European power plants, is moving to China from Baltimore as coking coal. Practically half the year is gone and there have been very few sales to Europe." Coal with a sulphur content of 1.5-2 percent which was traditionally sold to European utilities has become acceptable this year to Chinese power and steel end-users, traders said.
High-energy U.S. steam coal used for blending with coking coal is trading at 900-1,000 yuan/tonne CIF, a Beijing trader said. Shipping analysts say growth in U.S. coal exports to Asia could help bolster rates especially for smaller panamax vessels.
"The increase in shipments from the U.S east coast to Far East Asia is one very good example of how the panamax fleet is being used less efficiently than it was last year and such inefficiency is supportive of rates," SSY's Langston said. Average earnings for panamaxes in the year to date have reached around $30,500 per day from $19,300 for the whole of 2009.
"If thermal coal exports from the U.S. west coast to Asia ultimately find a steady place in the market, freight rates will likely receive additional support due to the long-haul nature of these exports," Jeffrey Landsberg, senior analyst with dry bulk consultants Commodore Research, said.
China Imports Surge
China has been the salvation of coal producers since last October when thermal and coking coal imports began to surge. American producers have been quick to focus on the Chinese market where they can get over $200 a tonne for coking coal - a healthy margin against cash costs of $80 per tonne.
China's official customs figures show a huge rise in North American imports during 2010 with coking coal from the U.S. and Canada together accounting for 2.7 million tonnes out of total imports of 19 million tonnes in Jan-May. U.S. metallurgical coal exports are likely to be in excess of 50 million tonnes in 2010, up from around 38 million in 2008, according to the U.S. National Mining Association.
Consol , the U.S.'s largest producer of bituminous coal, is actively chasing Chinese business, coal players say. "It's extremely profitable for Consol which has sold its high-sulphur thermal coal at more than $150 a tonne to China - more than twice what it could get in Europe at netback prices to API2," the U.S. coal trader said.
Producers such as Consol would make a loss of at least $10 a tonne if they tried to sell into Europe at current CIF ARA or API2 prices of $90 a tonne, utilities and traders said. This leaves American producers dependent upon the domestic market and Asia.
Canada has also seized the opportunity offered by China's continued steel boom. Around 2 million tonnes of Canadian coal including 1.2 million of coking coal went to China in Jan-May, a rise of 90 percent from last year. The majority of shipments from the U.S. to Asia have been using panamax vessels, which have a capacity of around 60,000 and 80,000 deadweight tonnes (dwt).
Coal capesizes, the largest class of dry bulk vessels with a capacity above 100,000 dwt, have been used to a lesser extent due to loading restrictions at East Coast U.S terminals. During the past two months capesize cargoes have partly loaded in the U.S. and then filled up at Canadian ports.
Around 500,000 tonnes of coking coal each from the U.S. and Canada were shipped to China in May alone, import figures show.
"The fully laden capesize vessels will then be able to sail to Asia and deliver full cargoes, allowing Asian coking coal importers to take greater advantage of economies of scale," Commodore's Landsberg said.
"This development will likely increase demand for U.S. coking coal and will help support capesize freight rates."
Source: Commodities Now / Hellenic Shipping
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Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Bhatia International Limited - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
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