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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, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
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- Mintek Dendrill Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
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