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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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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
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