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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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Thursday, 30 September 10
INDONESIAN COAL FOR POWER PLANT - LANKA GAZETTE
Lanka Gazette reported that, A cargo vessel with coal on board to generate electricity for the Norochcholai Coal Power Plant will arrive in Sri Lank ...
Thursday, 30 September 10
DRY BULK MARKET HEADS SOUTH ONCE MORE WITH MARKET SENTIMENT TAKING A CAUTIOUS APPROACH - HELLENIC SHIPPING
The dry bulk market didn’t manage to maintain the slightly upward momentum it had established during the first two session of the week, with t ...
Wednesday, 29 September 10
MOZAMBIQUE: COAL IN THREE MORE TETE DISTRICTS
All africa reported that, Coal deposits have been confirmed in the districts of Changara, Cahora Bassa and Magoe, in the western Mozambican province ...
Tuesday, 28 September 10
MMTC TO AWARD CONTRACT TO CEPL AND KNOWLEDGE TO SUPPLY 0.835 MILLION TONS OF IMPORTED COAL
COALspot.com: MMTC, India’s state owned trading company has opened three coal purchase tenders today.
According to our market sources, Coas ...
Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, ...
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- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Aditya Birla Group - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
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