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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, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
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