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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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Saturday, 19 June 10
STRONG DEMAND, RISING PRODUCTION SETTING SCENE FOR COAL BONANZA - THE JAKARTA GLOBE
The Jakarta globe rerported that, As the nation’s coal miners enjoy burgeoning demand from energy-hungry economies such as China and India, th ...
Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dr ...
Saturday, 19 June 10
COAL INDIA KEEN ON BLOCK DEVELOPMENT IN INDONESIA - THE HINDU BUSINESS LINE
Expanding horizon
Agreement by the Indonesian Government is likely to help CIL gain foothold in India's largest sourcing point of thermal coal.
...
Friday, 18 June 10
THE PANAMAX MARKET CONTINUED ITS SOFTENING TREND - FEARNBULK
Handy
Flat Atlantic markets with most markets in ´slow mode´ due to holidays in China.
Supramax vessels open in the USG are achievi ...
Thursday, 17 June 10
INDONESIAN COAL PRICE REFERENCE FOR JUNE IS US$ 97.22/TON UP 5.59 PERCENT
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has been publishing a monthly coal price reference (HBA) to be us ...
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- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
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