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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 $90 a tonne, utilities and traders said. This leaves American producers dependent upon the domestic market and Asia.
Canada has also seized the opportunity offered by China's continued steel boom. Around 2 million tonnes of Canadian coal including 1.2 million of coking coal went to China in Jan-May, a rise of 90 percent from last year. The majority of shipments from the U.S. to Asia have been using panamax vessels, which have a capacity of around 60,000 and 80,000 deadweight tonnes (dwt).
Coal capesizes, the largest class of dry bulk vessels with a capacity above 100,000 dwt, have been used to a lesser extent due to loading restrictions at East Coast U.S terminals. During the past two months capesize cargoes have partly loaded in the U.S. and then filled up at Canadian ports.
Around 500,000 tonnes of coking coal each from the U.S. and Canada were shipped to China in May alone, import figures show.
"The fully laden capesize vessels will then be able to sail to Asia and deliver full cargoes, allowing Asian coking coal importers to take greater advantage of economies of scale," Commodore's Landsberg said.
"This development will likely increase demand for U.S. coking coal and will help support capesize freight rates."
Source: Commodities Now / Hellenic Shipping
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Monday, 14 June 10
S. AFRICA BOOSTS COAL SALES TO INDIA 12%, TRADER SAYS
Bloomberg reported that, South Africa’s Richards Bay, the world’s second-biggest coal export harbor, boosted sales to India by 12 percen ...
Sunday, 13 June 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND CAPE/US$ 29000 PER DAY & PANAMAX/US$ 20500 PER DAY - VISTAAR
COALspot.com: The market continue to soften in all sectors and the most affected was cape size which was down by 16.32 pct. The BDI was down by 14.4 ...
Saturday, 12 June 10
BALTIC EXCHANGE ESTABLISHES ASIA-PACIFIC OFFICE
The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact w ...
Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two f ...
Thursday, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
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- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- White Energy Company Limited
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- The University of Queensland
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
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