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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, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
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