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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, 11 August 10
CAPESIZE MARKET ON RECOVERY MODE
The dry bulk market, usually dormant in August, has returned on a high note this week, after last week’s gains. Monday proved to be rather buo ...
Wednesday, 11 August 10
BANPU SECURES TAKEOVER LOAN - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, has secured loans worth US$2 billion from Thai and foreign banks to proceed with ...
Tuesday, 10 August 10
KOREA'S EWP TO BUY 4 MILLION TON OF 3700 AND 4600 NAR COAL AT FIXED PRICE
COALspot.com: Korean utility East-West Power out with the tender to buy 0.670 million tons with a minimum calorific value of 4600 NAR and 0.350 mill ...
Tuesday, 10 August 10
COAL CONSTRAINS CORE SECTOR GROWTH IN JUNE 2010
Growth in the six key infrastructure sectors decelerated for the third month in June. This is primarily due to last year’s high base effect. D ...
Sunday, 08 August 10
SOUTH AFRICA INCREASES COAL EXPORTS TO INDIA BY 74% IN JULY, TRADER SAYS
South Africa’s Richards Bay, the continent’s largest coal terminal, increased sales to India by 74 percent in July from June, according ...
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- Indika Energy - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Minerals Council of Australia
- The University of Queensland
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
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