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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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Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
Saturday, 28 August 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS FIRM FOR CAPE AND PANAMAX VESSELS - VISTAAR
COALspot.com: The freight market appeared to be heading for correction with the indices coming off during later part of the week. The BDI closed 44 ...
Saturday, 28 August 10
KRISHNAPATNAM PORT SETS AN ALL INDIA COAL DISCHARGE RECORD
COALspot.com: Krishnapatnam Port has established all new record for coal discharged in India using the conventional system of coal unloading for por ...
Friday, 27 August 10
PAKISTAN WILL IMPORT 8 TO 10 PERCENT MORE COAL IN 2011
COALspot.com: Pakistan to import 4 million ton of coal in 2011 up by 8-10 percent compare to this year’s imports. "Pakistan's tota ...
Thursday, 26 August 10
CHARTERERS SWITCHING FROM PANAMAX TO CAPE STEMS DUE TO CAPE FALL
Handy
The activity picked up in the Atlantic with more enquiries seen for short period tonnage for end August/beg September - As the grain season ...
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- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
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