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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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Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Parliament of New Zealand
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