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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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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- PTC India Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- The University of Queensland
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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