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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, 18 September 10
ECI / CHINA FREIGHT ROUTE DOWN BY 1.22 PCT OR US$ 225 PER DAY AND CLOSED AT US$ 18,123 PER DAY - VISTAAR
COALspot.com: The BDI was under pressure this week and was almost down by 11 pct and closed at 2676 points.
The Cape and Panamax index was almost ...
Friday, 17 September 10
CWP COAL WASHING PLANTS MACHINERY LANDS ON RUSSIAN MARKET!!
Press Release: CWP Coal Washing Plants Machinery Industry & Trade Co. which was founded in 1990, has been operating in Izmir with its closed pro ...
Friday, 17 September 10
FREIGHT RATES TO DECLINE FURTHER - ICICI SEC
Broking firm ICICI Securities said tanker freight rates reported a sharp drop with rates of Suezmax and Aframax carriers declining by 16% to USD 8,6 ...
Friday, 17 September 10
R-POWER, ADANI, GMR TO BID FOR $1-BN MINE
Reliance Power, Adani Power and GMR are in the race for a coal mine asset in Australia. The valuation of the asset is close to $1 billion (Rs 4,600 ...
Thursday, 16 September 10
RPG GROUP BUYS 10% IN AUSSIE COAL FIRM RESOURCE GENERATION
Dealcurry reported that, India's RPG Group's Integrated Coal Mining Limited (ICML) has acquired 10% stake (18,268,053 shares) in Resource Generati ...
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- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- White Energy Company Limited
- Deloitte Consulting - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Australian Coal Association
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
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