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Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
 Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (BDI) gaining further ground to reach 1,841 points. Among the main gainers was the panamax sector, with the respective index rising by 41 points to 2,403, while the capesize market remained subdued, losing another 10 points to just 1,693. Should this trend persist, many owners are likely to consider laying off some of their vessels, at least for a while.
According to the latest weekly report by Commodore Research dry bulk cargo demand has increased dramatically from a week ago. Panamax rates have found continued support on the strength of robust Asian thermal coal demand and strong global grain demand. “Strong global grain demand has also continued to support supramax rates, with last week’s sudden increase in iron ore fixtures chartered to load at Indian iron ore ports giving supramax rates additional support. Last week’s overall increase in iron ore fixtures has allowed capesize rates to finally find support - although the capesize market remains under great pressure due to a large supply of available capesize vessels. Last week’s increase in Chinese steel prices is encouraging, and not entirely surprising, as prices remained flat during the previous week after seven consecutive weeks of decline.
The increase in Chinese steel prices coincides with Chinese steel stockpiles remaining steady - but iron ore port stockpiles continue to rise. It is still too soon to anticipate a sustained rebound in steel prices, however, but if prices do continue to increase, capesize rates should finally be able to rise to their rightful place atop the vessel classes as capesize iron ore fixtures will likely continue to increase” Commodore said.
A total of of 27 ore fixtures were reported last week, 11 more than the previous week. A large proportion of last week’s iron ore fixtures were for panamax and supramax vessels, however, which is partially responsible for panamax and supramax rates fairing better than capesize rates last week. Capesize rates also remain under significant pressure due to a large supply of available capesize vessels. In total, Commodore reports 124 spot trip fixtures (30 more than the previous week) and 21 period fixtures (9 more than the previous week). As a result, it’s safe to say that market sentiment has slowly started to improve but it is too early to expect a sustained rebound in freight rates.
One of the main reasons of the latest rebound of the dry bulk market is the robust demand for coal from China. Fluctuations in Chinese thermal coal imports have significantly impacted freight rates, with rates finding great support during parts of the second and fourth quarters of 2009. During these periods, a very large amount of Chinese thermal coal fixtures were completed to deliver coal for the summer and winter demand seasons.
Commodore mentions that “the sharp increase in Chinese thermal coal imports has also been responsible for dry bulk freight rates finding extended support while the market has become flooded with newbuilding deliveries (by early 2009, the market had expected freight rates to come under significant pressure due to deliveries, but a sharp, sudden, and sustained increase in Chinese coal imports occurred which allowed rates for capesize and panamax vessels to remain resilient until very recently)” the report said.
It went to state that Chinese coal imports (the vast majority of which are thermal coal rather than coking coal) averaged 3.39mt per month in 2008, 10.55mt in 2009, and 13.51mt so far in 2010. The pace of growth has now drastically decreased, however, and is one of the main reasons why capesize and panamax rates have finally come under great pressure.
Although the sudden increase in Chinese coal imports has subsided, Chinese thermal coal demand still remains robust and imports will likely increase in July and possibly August. Chinese coal imports decreased in April and May largely as a result of the drought in southwest China significantly improving, and Chinese hydropower output increasing dramatically as a result. Chinese hydropower production has now returned to normal levels - but with Chinese electricity demand continuing to surge due to the continued growth in the economy and warmer than usual summer temperatures - Chinese thermal coal demand remains robust and an increase in Chinese thermal coal fixtures will likely come to the market in the upcoming weeks” Commodore concludes.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterer ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
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- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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