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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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Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
Tuesday, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
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- Siam City Cement - Thailand
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Australian Coal Association
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
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