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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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Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
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- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- PTC India Limited - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
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