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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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Thursday, 17 June 10
COAL EXPLORATION & DEVELOPMENTS HOTPOTS CONFERENCE
Press Release: The Coal Exploration and Developments Hotspots conference will bring together a panel of more than 20 of the world’s lead ...
Thursday, 17 June 10
AUSTRALIA'S LEIGHTON WINS $1.3 BILLION OF NEW WORK - THE JAKARTA POST
Australian construction and contract mining group Leighton Holdings Ltd. said Thursday it has won 1.5 billion Australian dollars ($1.3 billion) of n ...
Wednesday, 16 June 10
INDONESIAS STATE OWNED ELECTRICITY COMPANY WILL CONSUME 95.30 MILLION TONS OF COAL IN 2014
COALspot.com: Indonesia's state owned electricity company forecasted its coal requirement in 2014 would be around 95 million tons. ...
Wednesday, 16 June 10
MADHYA PRADESH GOVT IMPORT 50K METRIC TONNES OF COAL FROM INDONESIA - DNA INDIA
DNA India reported that, the Madhya Pradesh government has imported 50,000 metric tonnes of coal from Indonesia to deal with its shortage which is a ...
Tuesday, 15 June 10
INDONESIA'S COAL EXPORTS FELL TO 18.52 - MILLION TONS IN MAY
COALspot.com: Indonesia, the world largest coal exporter, shipped 18,529,695 of coal in May 2010. May coal exports dropped by 20.61 percent co ...
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- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
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