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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, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- The University of Queensland
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- MS Steel International - UAE
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
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