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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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Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
Sunday, 11 July 10
OVERALL NO OR NEGLIGIBLE IMPACT IN ARUTMIN MINE - BUMI
COALspot.com: Bumi denies the media reports on an impact of unusually rains on coal production in BUMI mines.
"Arutmin is being impacted by ...
Saturday, 10 July 10
FREIGHT MARKET SITUATION MAY CONTINUE FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: The market continued to soften further with the cape and panamax index down by about 20 pct and closed at 2,102 and 1,944 points respe ...
Saturday, 10 July 10
STC OF INDIA TO ASSOCIATE WITH FUEL SUPPLIERS
COALspot.com: State Trading corporation of India, which is under Ministry of Commerce, has invited Expression of Interest from coal suppliers ...
Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to dea ...
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- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
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