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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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Saturday, 19 June 10
STRONG DEMAND, RISING PRODUCTION SETTING SCENE FOR COAL BONANZA - THE JAKARTA GLOBE
The Jakarta globe rerported that, As the nation’s coal miners enjoy burgeoning demand from energy-hungry economies such as China and India, th ...
Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dr ...
Saturday, 19 June 10
COAL INDIA KEEN ON BLOCK DEVELOPMENT IN INDONESIA - THE HINDU BUSINESS LINE
Expanding horizon
Agreement by the Indonesian Government is likely to help CIL gain foothold in India's largest sourcing point of thermal coal.
...
Friday, 18 June 10
THE PANAMAX MARKET CONTINUED ITS SOFTENING TREND - FEARNBULK
Handy
Flat Atlantic markets with most markets in ´slow mode´ due to holidays in China.
Supramax vessels open in the USG are achievi ...
Thursday, 17 June 10
INDONESIAN COAL PRICE REFERENCE FOR JUNE IS US$ 97.22/TON UP 5.59 PERCENT
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has been publishing a monthly coal price reference (HBA) to be us ...
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- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
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