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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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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
Monday, 26 July 10
CEMENT MAKERS EXPLORE NEW FUELS TO REPLACE COAL - ECONOMIC TIMES
Economic Times reported that, As the cement industry reels under high raw material costs and reduced coal linkages, companies are exploring alternat ...
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- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
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