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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, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Planning Commission, India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
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