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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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Wednesday, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
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- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- The University of Queensland
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Planning Commission, India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
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