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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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Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
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