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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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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
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- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- The University of Queensland
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
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