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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, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
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- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
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