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