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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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Monday, 14 June 10
S. AFRICA BOOSTS COAL SALES TO INDIA 12%, TRADER SAYS
Bloomberg reported that, South Africa’s Richards Bay, the world’s second-biggest coal export harbor, boosted sales to India by 12 percen ...
Sunday, 13 June 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND CAPE/US$ 29000 PER DAY & PANAMAX/US$ 20500 PER DAY - VISTAAR
COALspot.com: The market continue to soften in all sectors and the most affected was cape size which was down by 16.32 pct. The BDI was down by 14.4 ...
Saturday, 12 June 10
BALTIC EXCHANGE ESTABLISHES ASIA-PACIFIC OFFICE
The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact w ...
Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two f ...
Thursday, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
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- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Planning Commission, India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
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