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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, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Australian Coal Association
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
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