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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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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- The University of Queensland
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
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