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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, the industry’s benchmark, the Baltic Dry Index (BDI) managed to post a healthy increase over the previous weeks. Still, Monday broke the 10-session straight increases, with the index falling by 19 points back at 2,976, with little activity in the market and small declines across most market segments. According to the latest weekly report from Commodore Research, dry bulk freight rates found continued support last week on the strength of robust spot chartering activity. Panamax rates found the most amount of support due to very firm thermal coal demand, with Chinese coal buyers chartering a large number of vessels. Chinese electricity output continues to struggle to satisfy demand, which has resulted in the government reducing power allocation to steel mills.
“Despite mills receiving less electricity, iron ore demand, particularly in China, remains robust. 33 ore fixtures were reported last week, an increase from 19 ore fixtures reported during the previous week. 24 of last week’s ore fixtures were for capesize vessels, an increase from 14 capesize ore fixtures reported during the previous week. Grain demand has also stayed firm which has contributed to panamax and supramax rates finding support.128 spot trip fixtures (53 more the previous week which had one less day of chartering activity) and 31 period fixtures (3 less than the previous week) were reported last week. Nine of the period deals were for a year or more” the report said.
It went on to state that Panamax vessels have been chartered en masse to export coal and grain, with a larger than usual amount of vessels chartered to haul cargo from the US Gulf. Rates for the smaller vessel classes have also found support on the strength of firm grain demand. Firm demand for minor bulk (including bauxite and alumina) has also given support to rates for smaller vessels. Chinese ore demand was extremely strong last week, even while reports have been surfacing that the Chinese government is beginning to reduce power allocation to steel mills (discussed in greater detail below and on page 3). Capesize rates were able to find continued support as a large number of Australian and Brazilian iron ore shipments were chartered in the market last week. It is worth pointing out, however, that a larger than usual amount of Indian iron ore fixtures were also reported as India’s monsoon season is coming to an end. Most of the Indian ore fixtures were for supramaxes” Commodore said.
But, the dry bulk market could be in for a surprise going forward chartering activity must remain at current levels for dry bulk rates to find greater support. According to Commodore, the Chinese government’s decision to reduce electricity allocation to steel mills, however, represents a great threat to near-term dry bulk rates – especially capesize rates. Chinese steel demand has remained firm recently, with crude steel output in August estimated at 51.64 million tons - a decline of just 100,000 tons from production in July. So far this year, monthly Chinese crude steel output has averaged 53.33mt, an increase of 6.09mt (13%) from 2009’s monthly average of 47.24mt. It remains to be seen just how much China’s steel production will be affected by the electricity allocation restrictions. With steel prices rising and Chinese steel stockpiles continuing to decline, China’s steel mills will be disinclined to lower production. Some reports suggest that a few steel mills are using diesel-powered generators to generate additional electricity for their blast furnaces. Other reports suggest that the government penalties on using too much electricity are not high enough to truly stop mills from using large amounts of electricity. We will continue to monitor this development closely, as there is certainly potential for a decline in steel output. Based on last week’s level of Chinese iron ore fixtures, however, Chinese steel and iron ore demand remain firm” Commodore’s report concludes.
Source: Nikos Roussanoglou, Hellenic Shipping
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Saturday, 09 October 10
9TH ASIA PACIFIC MINING CONFERENCE & EXHIBITION 13 14 OCTOBER 2010 AT SHANGRI-LA HOTEL, JAKARTA.
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Saturday, 09 October 10
SAIL SEEKS LONG-TERM COKING COAL SUPPLY FROM GLOBAL COMPANIES - BUSINESS STANDARD
State-owned Steel Authority of India (SAIL) Friday invited bids from global companies for long-term supply of coking coal to feed its expanding stee ...
Friday, 08 October 10
INVESTORS STILL RELUCTANT TO ENTER DOWNSTREAM INDUSTRIES - THE JAKARTA POST
The Jakarta Post reported that, mining companies are showing a low level of enthusiasm to enter the downstream industries, as required by the 2009 M ...
Friday, 08 October 10
VESSEL OWNERS ARE RELUCTANT FOR INDONESIA TO INDIA COAL TRIPS - FEARNBULK
Handy
Last week ended with a flourish of activity as the Chinese tried to fix any prompt vessels before the Golden week festivities, and since the ...
Thursday, 07 October 10
MIRACH ENERGY GAINS RIGHTS TO EAST KALIMANTAN COAL MINE - THE EDGE SINGAPORE
The Edge Singapore reported that, Mirach Energy says it has gained the rights to produce and sell coal in an open-pit coal mine in Samarinda, the ca ...
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- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
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- Electricity Authority, New Zealand
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- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
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- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
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- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
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- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
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- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- The University of Queensland
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
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- White Energy Company Limited
- Eastern Coal Council - USA
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- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
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- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
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- Karbindo Abesyapradhi - Indoneisa
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- Edison Trading Spa - Italy
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- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
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- Georgia Ports Authority, United States
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- Banpu Public Company Limited - Thailand
- Planning Commission, India
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- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
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- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
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- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
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- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
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- The Treasury - Australian Government
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Economic Council, Georgia
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- Parliament of New Zealand
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- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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