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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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Saturday, 07 August 10
INDIAN COAL IMPORTS WILL PLAY AN IMPORTANT PART IN KEEPING THE FREIGHT MARKET FIRM IN FUTURE - VISTAAR
COALspot.com: The freight market was volatile with market ending firmed and the BDI crossing 2000 points up by 3 pct, however the BCI was up by 14 p ...
Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export ...
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- Planning Commission, India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Central Electricity Authority - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
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