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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
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
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