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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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- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
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