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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, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
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