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