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Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session, retreating Monday by 2.81 percent, down to 2,216 points. The Baltic's capesize index (BCI) lost 1.87 percent, with average earnings falling to $23,012. The Panamax index (BPI) was down by an additional 3.96 percent, its lowest since the previous October, with panamaxes now earning $18,941.
During the previous week, a total of 27 ore fixtures were reported, an increase from 20 ore fixtures reported during the previous week. 20 of last week’s 27 iron ore fixtures were for Capesize vessels. “Resilient Chinese iron ore demand and continued robust Asian thermal coal demand allowed Capesize rates to basically hold steady. Panamax rates decreased significantly, however, partially due to the imbalance in the Capesize/Panamax ratio. One week ago Panamax rates were slightly higher than Capesize rates. This imbalance has begun to correct itself” said Commodore Research in its latest weekly report.
Commenting on the current state of the market, the report stated that spot chartering activity has increased moderately from a week ago. Asian thermal coal demand remains robust and a surge in Indian and Chinese thermal coal fixtures was evident in the market last week. Spot iron ore demand also remains firm, despite a lingering fear that Chinese real estate construction is about to significantly decrease. Grain fixtures remain relatively firm as well, with a large amount of spot grain fixtures continuing to be chartered to load in South America.
“What cannot be ignored, however, is that Chinese steel production is slowing down (so far we believe the slowdown is only temporary). Recent estimates suggest that
daily Chinese steel production has been ranging somewhere between the 1.75 to 1.80 million ton level (daily Chinese steel production averaged approximately 1.81mt in May).
Despite the small decline in steel production, a moderate amount of iron ore fixtures continue to be fixed in the market and Chinese iron ore and steel stockpiles have remained relatively steady. Going forward, the strength of the dry bulk market will continue to be influenced by Chinese steel production” Commodore said.
Another factor which could add more pressure to the market, is a decline in port congestion. Approximately 155 vessels are currently anchored outside Australian ports, 5 less than a week ago. Approximately 45 vessels are anchored outside Brazilian ports, 15 less than a week ago. Of the 200 vessels congested outside of Australian and Brazilian ports, about 115 of them are Capesize vessels. In comparison, 125 Capesize vessels were anchored outside of Australian and Brazilian ports a week ago. The decline in Capesize congestion at Australian and Brazilian ports has contributed to Capesize rates coming under pressure while Capesize chartering activity has remained firm.
Simultaneously, a warmer than usual weather in northeastern China has contributed to China’s robust demand for thermal coal. According to Commodore “temperatures in Jilin and Liaoning provinces have been above 30 degrees celsius (86 degrees fahrenheit) for much of the last four weeks, with temperatures reaching 33 degrees celsius (91 degrees fahrenheit) on June 8, about three weeks earlier than expected. As a result of the warmer weather in the northeast and overall strong coal demand throughout China, the Ministry of Railways has begun to prioritize thermal coal railingIn the upcoming months, Chinese thermal coal demand is expected to remain strong and power shortages are expected to occur throughout China. A need to divert power to Shanghai to ensure that the Shanghai Expo continues to operate smoothly is also putting pressure on domestic and imported supplies of thermal coal.
Zhejiang, Anhui, and Jiangsu provinces, which share the eastern power grid with Shanghai, will likely experience sporadic power shortages. Power shortages are also expected in Hebei province. An increase in Chinese hydropower production, however, continues to put pressure on Chinese thermal coal demand as the drought in the southwest (which had resulted in a significant decline in hydropower production) continues to improve. The increase in hydropower production, though, has been partially offset by the warmer than usual weather in northeastern China” the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
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