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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, 25 August 10
BUKIT ASAM OUT TO BECOME BIGGEST COAL PRODUCER
The Jakarta Post reported that, State-owned PT Batubara Bukit Asam Tbk intends to become the country's biggest coal producer in 2016 with productio ...
Wednesday, 25 August 10
GOVT SHOULD ALLOW DUTY-FREE IMPORT OF THERMAL COAL: ASSOCHAM
Industry body Assocham Wednesday said the government should allow duty free import of thermal coal to bring down power tariffs in the country.
&q ...
Wednesday, 25 August 10
INDIAS ADANI GROUP TO BUILD COAL RAILWAY IN INDONESIA
COALspot.com: India’s Adani Group, Indonesia’s state coal producer PT Tambang Batubara Bukit Asam (PTBA), and the South Sumatra provinci ...
Wednesday, 25 August 10
CME GROUP WILL LAUNCH NEW COAL CONTRACTS
Press Release: CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing ser ...
Tuesday, 24 August 10
INDIA IMPORTS 1.3 MILLION TONS COAL LAST WEEK
COALspot.com: India has imported 1.3 million tons of non - Coking coal and 468,229 Mt of coking coal for the period 16 - 22 August 2010 ...
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- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Economic Council, Georgia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
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