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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, 09 September 10
DRY BULK MARKET IS LOOKING TO INCREASE GAINS ON OCTOBER IRON ORE CONTRACTS
The “success” story that the dry bulk market has been displaying during the past couple of weeks is being materialized as we head toward ...
Tuesday, 07 September 10
INDIA IMPORTS 1.63 MLN T OF COAL FOR THE PERIOD 30 AUGUST - 5 SEPTEMBER - SOURCES
COALspot.com: India has imported 1.07 million tons of power plant coal, 0.520 mln tons of coking coal and around 41,000 mt of Anthracite coal for th ...
Tuesday, 07 September 10
GOVERNMENT DECLARED INDONESIAN COAL PRICE REFERENCE DECLINE FOR THIRD-STRAIGHT MONTH
COALspot.com: Indonesian thermal coal price reference, a monthly benchmark price declared by Ministry of Energy and mineral resources of Repub ...
Tuesday, 07 September 10
MERCATOR TO BUY COAL MINE IN INDONESIA THIS FISCAL
Mercator Lines, India’s second-largest shipping company which has diversified into coal mining, will buy a coal mine in Indonesia with more th ...
Monday, 06 September 10
DRY BULK MARKET GAINS 6.05% ON WEEK, BOOSTED BY CAPESIZE VESSELS
The dry bulk market is looking to capitalize last week’s gains of more than 6 percent in this week, as the capesize segment seems to be on a h ...
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- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
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