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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, 07 June 10
SOUTH AFRICA COAL STAYS NEAR 18-MONTH HIGH ON EUROPEAN DEMAND - BLOOMBERG
Bloomberg Reported that, Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, ...
Sunday, 06 June 10
THE DOWNWARD TREND FOR S6 AND S7 ROUTE IS LIKELY TO CONTINUE NEXT WEEK - VISTAAR
COALspot.com: "This seemed market heading for corrections with all sectors down", said, Capt. Reddy, MD of Vistaar Shipping Singapore, an ...
Sunday, 06 June 10
STEAM COAL MAY BECOME NEXT BOOMING COMMODITY IN AUSTRALIA - DB
Deutsche Bank predicts that thermal coal could become Australia's next booming commodity. The German investment bank's global thermal coal team ex ...
Friday, 04 June 10
INDO/INDIA AROUND THE MID 20'S LEVEL AND MID TO HIGH 20'S INDIA/CHINA
Handy
After a quiet end to last week, the Atlantic handysize market continued&nb ...
Thursday, 03 June 10
INDO GOVERNMENT TRIES TO CALM BUSINESSES FEARS OVER FOREST - CLEARING MORATORIUM
The Jakarta Globe reported that, as producers of coal and palm oil continued to howl, the government on Tuesday offered reassurances that the develo ...
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- Xindia Steels Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
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