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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, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
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- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
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- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
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- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
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- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Metalloyd Limited - United Kingdom
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- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
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