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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, 02 September 10
PLN ASKED TO USE LOCAL COAL
Tempo Interactive reportd that, the Indonesian Mining Association Executive Director, Priyo Pribadi, has called on the state-run electricity company ...
Thursday, 02 September 10
NALCO OPEN TO EQUITY DILUTION IN $3.9 BN PROJECT IN INDONESIA
Business-Standard reported that, state-owned Nalco today said it is considering selling stake in its $3.9 billion (over Rs 18,000 crore) aluminium p ...
Thursday, 02 September 10
DRY BULK MARKET GAINS MOMENTUM TO INCREASE, WITH CHINA ONCE AGAIN TO THE RESCUE
With predictions from Chinese officials stating that the country’s iron ore imports during 2010 could surpass the record amounts of 2009, the ...
Wednesday, 01 September 10
STC BAGS NTPC ORDER TO SHIP 12 MT COAL
My Digital FC reported that, The State Trading Corporation (STC) has bagged NTPC’s tender to ship 12 million tonnes coal from Ind&sh ...
Wednesday, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
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- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
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- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
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- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
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- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- The University of Queensland
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
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