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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, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
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