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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 $90 a tonne, utilities and traders said. This leaves American producers dependent upon the domestic market and Asia.
Canada has also seized the opportunity offered by China's continued steel boom. Around 2 million tonnes of Canadian coal including 1.2 million of coking coal went to China in Jan-May, a rise of 90 percent from last year. The majority of shipments from the U.S. to Asia have been using panamax vessels, which have a capacity of around 60,000 and 80,000 deadweight tonnes (dwt).
Coal capesizes, the largest class of dry bulk vessels with a capacity above 100,000 dwt, have been used to a lesser extent due to loading restrictions at East Coast U.S terminals. During the past two months capesize cargoes have partly loaded in the U.S. and then filled up at Canadian ports.
Around 500,000 tonnes of coking coal each from the U.S. and Canada were shipped to China in May alone, import figures show.
"The fully laden capesize vessels will then be able to sail to Asia and deliver full cargoes, allowing Asian coking coal importers to take greater advantage of economies of scale," Commodore's Landsberg said.
"This development will likely increase demand for U.S. coking coal and will help support capesize freight rates."
Source: Commodities Now / Hellenic Shipping
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Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
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