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