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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, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
Tuesday, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...
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- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- White Energy Company Limited
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- The University of Queensland
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
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