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