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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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Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
COALspot.com: The BDI continued to rise this week by 11.67 pct with the other sectors also keeping the moment. The cape size index also was up by 11 ...
Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
ASEAN Federation of Mining Association (AFMA), an association of mining groups in Southeast Asia, will hold the 9th Asia Pacific Mining Conference a ...
Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
Friday, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
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- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Australian Coal Association
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Economic Council, Georgia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
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