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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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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
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