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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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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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- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
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