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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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Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
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- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
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