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Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
 With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long road of recovery in terms of hiring rates. After the first glimmer of hope received Friday with the halt of the BDI’s 35 day slide, Monday’s session was again on the positive side. The BDI ended at 1732 points, up by 12, with gains noted both in the capesize and the panamax end of the market. Still, shipbrokers’ reports have warned that demand from China remains subdued, which means that no particular “rally” should be expected in the near term.
In its latest weekly report, Commodore Research & Analysis said that “recent spot chartering activity has decreased sharply from moderate levels seen at the start of the month. Two weeks ago, the steady increase in available vessel supply was largely responsible for the continued decline in freight rates. Last week’s decrease in freight rates, however, was largely due to the recent decline in spot cargo demand. A sharp week-on-week decrease in iron ore fixtures put additional pressure on capesize rates - but owners have reportedly begun to take their Capes out of the market in order to artificially reduce vessel supply, which would help capesize rates find support. This ploy might be working - capesize rates increased by 3.5% on Friday, after previously falling for 11 consecutive days and during much of June.
Panamax freight rates have also been finally able to find support. A moderate amount of South American grain fixtures and Indonesian and Australian coal fixtures continue
to come to the market, which have led to a moderate increase in panamax rates. Also encouraging is last week’s minuscule week-on-week decrease in Chinese steel prices.
Chinese steel prices need to reverse their decline before a sustained increase in freight rates is possible” said Commodore.
Port congestion still affect shipping rates, with approximately 155 vessels currently anchored outside major Australian ports, 10 more than a week ago. Approximately 40 vessels are anchored outside major Brazilian ports, 10 less than a week ago. Of the 195 vessels congested outside of the Australian and Brazilian ports, approximately 100 of them are Capesize vessels. In comparison, 110 Capesize vessels were anchored outside of Australian and Brazilian ports a week ago. Lower levels of global vessel congestion continue to put pressure on freight rates. Rates have come under additional pressure due to the recent decline in cargo demand.
According to Commodore, “although cargo demand has seen a noticeable week-on-week decline, owners are reportedly taking their vessels out of the market which might help rates find support”. Meanwhile, the report said that Chinese steel exports have possibly peaked. “China has exported 23.58 million tons of steel in the first six months of 2010, 14.25mt (153%) more than the 9.33mt exported during the same period in 2009. This increase in seaborne cargo has helped support rates for smaller dry bulk vessels. Chinese steel exports are about to come under pressure, however, even though global steel demand remains robust. Recently passed legislation which removes rebates for Chinese steel mills on various types of steel exports came into effect on July 15. Chinese steel exports totaled 5.62mt in June, the largest total since September 2008, but Chinese steel exports are now, on average, 10% more expensive than just 4 days ago. Chinese steel exports are now likely to begin coming under pressure” Commodore said.
As for coal trades, more thermal coal will likely be used by China, to fuel any increase in power generation, with the country’s hydropower output likely at or near its peak. As a result, Chinese thermal coal imports, which have been robust but on the decline since April, could find additional support. Commodore mentioned that in recent weeks, a moderate amount of Chinese thermal coal fixtures have been chartered in the dry bulk market and fixtures may increase in the upcoming weeks. It still remains to be seen if China will be able to generate enough electricity to satisfy growing demand.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
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- Planning Commission, India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
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