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