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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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Tuesday, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
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