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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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- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
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