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Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
 With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterers its newest trends this week. But, if one takes into account the market’s behavior during the previous week, it’s obvious that as far as capesize owners are concerned, volatility is the name of the game. Capesize rates rose seven percent Monday but quickly recorded an eight percent decline on Wednesday, with charterers digging in their heels and causing rates to finally decline after practically a month on the rise. According to the latest weekly report by Commodore Research & Analysis, “Capesize spot chartering activity remained largely on par with the previous week. 24 iron ore fixtures were reported last week, a decrease from 28 iron ore fixtures reported during the previous week. The 24 fixtures is a firm amount - but down sharply from 36 ore fixtures seen during the week ending August 13. 18 of last week’s ore fixtures were for capesize vessels, the same amount reported during the week ending August 20” the report said.
Commenting on the general state of the market, the report noted that “last week’s low level of spot chartering activity is a cause for concern. Freight rates were able to remain relatively steady despite the decline but will likely be unable to hold steady this week if chartering activity does not increase. A healthy amount of period fixtures, however, continue to come to the market. We are in the thick of the dreaded second half of 2010 (dreaded due to the massive amount of newbuildings that were pegged to be on the water during this time) but dry bulk freight rates are well above where a large part of the market had expected them to be.
A steady supply of newbuilding deliveries continues to be delivered however. In addition, both near-term spot iron ore prices and Chinese steel prices show signs of possibly decreasing. Iron ore and Chinese steel prices had been increasing moderately since the middle of July but finally have reversed their rise. It is too early to determine whether prices are simply taking a breather or are poised to decrease” Commodore mentioned.
Another issue affecting freight rates is the recent Indian iron ore mess. India’s central government has voiced objections to the ongoing iron ore export ban in the southwestern state of Karnataka - but so far no official action has been taken to eliminate the ban. According to the central government, the ability to restrict exports is a power reserved solely for the central government and not for the states. India’s central government has conceded that state governments have the power to restrict illegal mining, however, but the central government views a refusal to issue mineral dispatch permits as unconstitutional. In recent weeks, Karnataka has stopped issuing mineral dispatch permits to transport iron ore not only to exporters but also to domestic steel mills. This has contributed to a relatively low volume of iron ore currently being exported from India (India is also at the tail end of monsoon season which has also led to a low volume of exports). The export ban has caused Chinese iron ore buyers (the vast majority of Indian iron ore exports are sent to China) to source a much larger amount of their imported iron ore from suppliers in Australia and Brazil. Indian steel mills have also had difficulty securing iron ore, with some mills expecting steel output to possibly be affected.
Late last week, however, the Karnataka government agree to issue dispatch permits to transport Karnataka-produced iron ore to domestic steel mills in Goa. The Karnataka government has been adamant that locally produced iron ore is not to be exported.
Going forward, “there are no immediate signs pointing to a swift repeal of the export ban. The central government in India, at times, is unable to quickly pass legislation and it seems likely that their “objections” to the export ban will remain as just that - objections - for at the very least the next week. In the short-term, the Karnataka iron ore export ban will continue to force Chinese iron ore buyers to import more of their ore from Brazil and Australia. This will lend support to capesize rates as most Brazilian and Australian ore shipments are carried on capesize vessels” Commodore concludes.
Source: Nikos Roussanoglou & Hellenic Shipping
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Saturday, 09 October 10
9TH ASIA PACIFIC MINING CONFERENCE & EXHIBITION 13 14 OCTOBER 2010 AT SHANGRI-LA HOTEL, JAKARTA.
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Saturday, 09 October 10
SAIL SEEKS LONG-TERM COKING COAL SUPPLY FROM GLOBAL COMPANIES - BUSINESS STANDARD
State-owned Steel Authority of India (SAIL) Friday invited bids from global companies for long-term supply of coking coal to feed its expanding stee ...
Friday, 08 October 10
INVESTORS STILL RELUCTANT TO ENTER DOWNSTREAM INDUSTRIES - THE JAKARTA POST
The Jakarta Post reported that, mining companies are showing a low level of enthusiasm to enter the downstream industries, as required by the 2009 M ...
Friday, 08 October 10
VESSEL OWNERS ARE RELUCTANT FOR INDONESIA TO INDIA COAL TRIPS - FEARNBULK
Handy
Last week ended with a flourish of activity as the Chinese tried to fix any prompt vessels before the Golden week festivities, and since the ...
Thursday, 07 October 10
MIRACH ENERGY GAINS RIGHTS TO EAST KALIMANTAN COAL MINE - THE EDGE SINGAPORE
The Edge Singapore reported that, Mirach Energy says it has gained the rights to produce and sell coal in an open-pit coal mine in Samarinda, the ca ...
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- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
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- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Australian Coal Association
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
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- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Independent Power Producers Association of India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
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