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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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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
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