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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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Friday, 03 September 10
NALCO, INDONESIAN FIRM DIFFER ON COAL SUPPLY TO SMELTER - DNA INDIA
A few days ago, National Aluminium Company (Nalco) advertised in Indonesian newspapers asking for companies to bid for coal supplies for its 500,000 ...
Thursday, 02 September 10
PLN ASKED TO USE LOCAL COAL
Tempo Interactive reportd that, the Indonesian Mining Association Executive Director, Priyo Pribadi, has called on the state-run electricity company ...
Thursday, 02 September 10
NALCO OPEN TO EQUITY DILUTION IN $3.9 BN PROJECT IN INDONESIA
Business-Standard reported that, state-owned Nalco today said it is considering selling stake in its $3.9 billion (over Rs 18,000 crore) aluminium p ...
Thursday, 02 September 10
DRY BULK MARKET GAINS MOMENTUM TO INCREASE, WITH CHINA ONCE AGAIN TO THE RESCUE
With predictions from Chinese officials stating that the country’s iron ore imports during 2010 could surpass the record amounts of 2009, the ...
Wednesday, 01 September 10
STC BAGS NTPC ORDER TO SHIP 12 MT COAL
My Digital FC reported that, The State Trading Corporation (STC) has bagged NTPC’s tender to ship 12 million tonnes coal from Ind&sh ...
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- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
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