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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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Tuesday, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
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- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Minerals Council of Australia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
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