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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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Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- The University of Queensland
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
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