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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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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
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