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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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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- The University of Queensland
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
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