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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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Monday, 14 June 10
S. AFRICA BOOSTS COAL SALES TO INDIA 12%, TRADER SAYS
Bloomberg reported that, South Africa’s Richards Bay, the world’s second-biggest coal export harbor, boosted sales to India by 12 percen ...
Sunday, 13 June 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND CAPE/US$ 29000 PER DAY & PANAMAX/US$ 20500 PER DAY - VISTAAR
COALspot.com: The market continue to soften in all sectors and the most affected was cape size which was down by 16.32 pct. The BDI was down by 14.4 ...
Saturday, 12 June 10
BALTIC EXCHANGE ESTABLISHES ASIA-PACIFIC OFFICE
The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact w ...
Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two f ...
Thursday, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
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- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- The University of Queensland
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
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