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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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- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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