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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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Wednesday, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
Monday, 13 September 10
CIL IN TALKS WITH SHIPPING CORP TO FORM JV FOR COAL IMPORTS
Shipping Corporation of India, the largest domestic shipping liner, may form a joint venture with Coal India for coal imports, a top company officia ...
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- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
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