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Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
 The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dry Index (BDI) posted Monday its 32nd consecutive loss, retreating down to 1,840 points, down by 62 since Friday’s session. Yesterday, marked the return of downward pressures to the capesize segment, as the Baltic’s Capesize Index lost 153 points. By contrast, the panamax market was practically stagnant.
According to Commodore Research’s latest weekly report, “dry bulk freight rates decreased sharply last week due to significant supply-related pressure. Port congestion remains significantly lower than congestion seen earlier in the year. The recent decrease in congestion combined with the continued delivery of a large amount of newbuildings is largely responsible for freight rates coming under recent pressure. A moderate amount of cargo demand has come to the market in the last two weeks, with Asian thermal coal demand remaining extremely robust and grain and iron ore demand remaining firm. 24 iron ore fixtures were reported last week, 3 less than during the previous week.
Capesize rates are currently averaging $17,643/day, a decrease of $5,826 (-25%) from the previous week. Panamax rates are averaging $15,679/day, a decrease of $4,040 (-20%). Supramax rates are now averaging $18,999/day, a decrease of $1,863 (-9%). Handysize rates are averaging $14,736/day, a decrease of $1,601 (-10%)” said the report.
Based on the report, Chinese iron ore demand has remained firm, although ore fixtures have declined from the previous week which has contributed to spot ore prices coming under additional pressure. In addition, global grain demand has remained healthy, with a moderate amount of grain fixtures continuing to be chartered to load grain shipments from South America. Similarly, “iron ore stockpiles at Chinese ports have risen to an extremely high level.
Chinese ports have not held ore stockpiles exceeding 72 million tons since September 2009. Contrary to a few market rumors, spot iron ore fixtures have remained relatively firm during the last few weeks which has helped iron ore stockpiles slowly increase. With Chinese iron ore port stockpiles now at near record levels, however, spot ore fixtures could begin to come under moderate pressure” warned Commodore.
With respect to the port congestion developments, the report said that 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 mention Dalrymple bay and Newcastle.
On a similar note, shipbrokers N.Cotzias Shipping Group said that the BDI has lost a total of 54.8% since the 26th of May and until the previous Friday. “This proves our point that the Baltic Indices behave in a much more “financial market” manner posing more volatility and definitely shorter periodicity of peaks and troughs. Presently all the Dry Bulk markets are definitely facing a 14 month low, and the generic Baltic Dry index during this 14 month period, had previously never fallen below the 2,000 point mark.
It was only on May the 5th of 2009 that we had recorded the BDI at 1897 points and then the index moved really fast by doubling its value in less than a month. What has happened today though and we are facing such a serious collapse? When we record cape daily earnings to have lost ]20% in just a couple of days, then yes we talk of a collapsed market!” said the broker in a report.
It goes on to state that “we are facing a “chicken]egg” situation, where falling commodity prices are primarily responsible for the collapse of the shipping markets and falling shipping markets are responsible for falling commodity prices. But that can be seen as an opportunistic situation for Iron/Ore traders who know that China will buy “X” quantities during the next 2]3 months. Iron/ore prices are declining. Just for comparison levels, they have dropped by 30% since April 2010 prices and as we see every week a softening of the commodity price per ton, traders will not buy today as they know that tomorrow the same parcel will cost less” Cotzias said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 23 July 10
KOWEPO TO IMPORT ADDITIONAL 1.2 MILLION TONS OF INDONESIAN COAL WITHIN 5 MONTHS
Korea Western Power Company Limited has finalized around 1.2 million tonnes of Indonesian origin of coal last week. According to K ...
Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
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- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
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