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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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Thursday, 30 September 10
INDONESIAN COAL FOR POWER PLANT - LANKA GAZETTE
Lanka Gazette reported that, A cargo vessel with coal on board to generate electricity for the Norochcholai Coal Power Plant will arrive in Sri Lank ...
Thursday, 30 September 10
DRY BULK MARKET HEADS SOUTH ONCE MORE WITH MARKET SENTIMENT TAKING A CAUTIOUS APPROACH - HELLENIC SHIPPING
The dry bulk market didn’t manage to maintain the slightly upward momentum it had established during the first two session of the week, with t ...
Wednesday, 29 September 10
MOZAMBIQUE: COAL IN THREE MORE TETE DISTRICTS
All africa reported that, Coal deposits have been confirmed in the districts of Changara, Cahora Bassa and Magoe, in the western Mozambican province ...
Tuesday, 28 September 10
MMTC TO AWARD CONTRACT TO CEPL AND KNOWLEDGE TO SUPPLY 0.835 MILLION TONS OF IMPORTED COAL
COALspot.com: MMTC, India’s state owned trading company has opened three coal purchase tenders today.
According to our market sources, Coas ...
Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, ...
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- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- The University of Queensland
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
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