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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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Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterer ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
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- Central Electricity Authority - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
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