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Wednesday, 22 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
 The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previous week, a pattern noted on Monday as well. The main reason for this was the significant decrease in iron ore fixtures. Yesterday, the BDI ended down by 48 points to 2628, while the capesize segment, which traditionally is serving the iron ore market, was down by 92 points to 3389. According to the latest weekly report by Commodore Research, 24 ore fixtures were reported last week, a decline from 33 ore fixtures of the previous week. “Only 12 of last week’s ore fixtures were for capesize vessels, a decline from 24 capesize vessels chartered to haul iron ore during the previous week. Demand for panamax vessels remained firm due to strong demand for coal from Asian importers, but panamax rates came under a large amount of pressure due to the sudden turn in sentiment (discussed in more detail below). Rates for supramax and handysize vessels were able to hold steady due to solid demand for grain and minor bulk cargo” said Commodore.
In terms of spot charter activity, a total of 120 trips were reported (8 less than the previous week), while an additional 17 period fixtures (14 less than the week before) also came to show how much smaller was cargo demand. According to the report, “last week’s sharp decline in period chartering activity is a clear indication of sentiment turning negative due to the Chinese government’s decision to restrict power allocation to steel mills. The 17 period fixtures were down sharply from the trailing four week average of 32 fixtures”. Commenting on the current state of the market, Commodore said the following: “total spot chartering activity remained firm last week despite a decrease in iron ore fixtures. Capesize freight rates are being affected by restrictions in China that have reduced electricity allocation to steel mills. Panamax rates have been partially affected by these restrictions as well, with negative sentiment caused by the restrictions being a factor behind their recent decline. A large amount of panamax vessels continue to be chartered to export coal to Asian buyers however. A higher than usual amount of panamaxes have also been chartered to haul iron ore.
Sentiment has turned negative. Last week’s 17 period fixtures were the lowest amount of weekly period fixtures reported since the week ending July 16. At that time, spot rates were near 2010 lows. Market players have been spooked by the recent decision by the Chinese government to reduce electricity allocation to Chinese steel mills. Their fears are certainly warranted. It remains to be seen how much and how long Chinese steel production will be affected by the electricity restrictions. The restrictions will continue to represent a significant threat to near-term dry bulk freight rates” concluded the report.
Meanwhile, in a separate report by Golden Destiny on the sale and purchase front, it was noted that newbuilding activity rose by 61.2% on a week-to-week basis. As a result of the BDI negative territory, just six dry bulk carriers reportedly changed hands, a weekly drop of 50%. In total the week ended with “15 vessels reported to have changed hands equalling a total amount of money invested around $181,250,000, two secondhand transactions reported on private terms. In the demolition market, 7 vessels have been headed to the scrap yards of total deadweight 236,806 tons, while in 2009 3 vessels reported for scrap indicating a positive yearly change of around 133%.The highest activity has been recorded once again in the newbuilding market with 50 vessels reported to have been ordered equalling a total deadweight around 1,868,755 tons, while at similar week of 2009 only 2 orders have been reported in the offshore sector. In terms of reported number of transactions, the bulk carrier sector domains in the newbulidng business holding around a 52% share of the market with kamsarmax being the most popular vessel type. The Greek presence has calmed down significantly this week in the secondhand market as only 1 transaction reported in the bulk carrier sector equalling a total amount invested around US$ 22,000,000 while the investments of Greeks in the newbuilding sector continue with a remarkable post panamax order in the container sector. In total, 7 units have been ordered by Greeks equalling a total invested capital around US$ 304,978,000, two new building transactions reported on private terms” the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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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 ...
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, ...
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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- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Australian Coal Association
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
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