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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, 23 August 10
COAL FOR FAST-TRACK PROGRAM ASSURED
Antara and the Jakarta globe reported that, the coal supply for the government’s 10,000 megawatt “fast- track” program was assured ...
Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
COALspot.com: The BDI continued to rise this week by 11.67 pct with the other sectors also keeping the moment. The cape size index also was up by 11 ...
Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
ASEAN Federation of Mining Association (AFMA), an association of mining groups in Southeast Asia, will hold the 9th Asia Pacific Mining Conference a ...
Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
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- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Australian Coal Association
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- PTC India Limited - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
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