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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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- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
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