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Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
 The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, had a negative impact on chartering activity. As a result freight rates came under further pressure, with iron ore fixtures posting a continued decline and overall spot chartering activity also facing decreases.
According to the latest weekly report issued by Commodore Research, “iron ore fixtures remain relatively low due to the ongoing restrictions on electricity allocation to Chinese steel mills. Overall chartering activity also came under pressure last week due to holidays in Asia. 19 iron ore fixtures were reported last week, a decrease from 24 iron ore fixtures reported during the previous week. 15 of last week’s iron ore fixtures were for capesize vessels, an increase from 12 capesize vessels chartered to haul ore during the previous week. Global coal and grain demand have remained moderate but have not been robust enough to stem the fall in spot freight rates” the report said.
As a result of this negative trend, Capesize rates are currently averaging $29,002/day, a decrease of $4,810 (-14%) from a week ago. Panamax rates are now averaging $21,840/day, a decrease of $1,685 (-7%). Supramax rates are averaging $19,644/day, a decrease of $1,397 (-7%). Handysize rates are averaging $15,666/day, a decrease of $298 (-2%).
At the same time period chartering activity also remained subdued, with 92 spot trip fixtures (28 less than the previous week) and 16 period fixtures (1 less than the previous week) were reported last week. Commodore said that none of the period deals were for a year or more. “Sentiment remains somewhat negative due to the going electricity restrictions to steel mills in China. Last week marked the first time in eleven weeks that no period deals for a year or more were reported. At that time, sentiment was very negative due to spot freight rates approaching 2010 lows.
The report mentioned that “market players remain spooked by the recent decision by the Chinese government to reduce electricity allocation to Chinese steel mills - but so far Chinese steel production has reportedly only decreased by 2%. The electricity restrictions will continue to represent a significant threat to near-term dry bulk freight rates, however, and must continue to be monitored extremely closely. Several analysts have forecast that Chinese steel output will decline by as much as 10% due to the ongoing electricity restrictions.
Based on August’s 51.64 million tons of crude steel production, this would put post-restriction monthly output at approximately 46.5mt, an amount not seen since May 2009. We continue to anticipate that Chinese steel demand will exceed most expectations. Chinese stockpiles have remained steady in recent weeks and there is little reason to believe that immediate steel demand has significantly decreased. We expect Chinese steel production to range between 48 to 49mt of crude steel in September and October.
The Chinese government cannot afford to have steel prices surge due to an artificial restraint on supply. Inflation is already a growing concern in China. The National Development and Reform Commission has also criticized the electricity allocation restrictions” concluded Commodore.
In terms of the secondhand and demolition activity of the past week, shipbroker Golden Destiny said that in total there were 39 sales reported. The activity was high at both the S&P and the newbuilding market with 32 & 34 orders reported in total respectively. “The secondhand market has been marked with a 100% positive yearly change with 32 vessels reported to have changed hands this week equalling a total amount of money invested more than US$796,800,000, since in 9 transactions the price hasn’t been disclosed. In the demolition market, 7 vessels have been headed to the scrap yards of total deadweight 218,513 tons, while in 2009 14 vessels reported for scrap indicating a negative yearly change of 100%. In the newbuilding market, 34 vessels reported to have been ordered equalling a total deadweight around 1,683,000 tons. The dry sector has held the largest share of newbuilding contracts, equalling a total deadweight of 1,076,000 tons, with orders from kamsarmaxes, panamaxes & supramaxes being the most popular vessel types. The Greek presence has been noticed this week only in the secondhand market with 6 transactions, two in the in the post panamax bulkcarrier sector and four in the small panamax container sector. The cumulative amount invested by Greek investors in the secondhand market can be calculated only by the bulkcarrier acquisitions around $ 82,000,000, since the price of the Container enbloc transaction has not been disclosed” concluded the report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 20 September 10
MMTC SEEKS TO BUY 1.3 MT OF COAL FOR INDIA UTILITIES - SXCOAL
MMTC Ltd., India’s largest state- owned trading company, is seeking bids for the supply of 1.3 million tonnes of coal to feed power plants run ...
Monday, 20 September 10
KANGAROO RESOURCES SIGNS PARTNERSHIP WITH ASEAMCO FOR INDONESIAN COAL ASSETS - PROACTIVE INVESTORS
International coal producer Kangaroo Resources (ASX: KRL) has completed a new three-year agreement with Australian mining consultants ASEAMCO to del ...
Monday, 20 September 10
ICVL LOOKS FOR COAL ASSETS IN UZBEK, INDONESIA, AUSTRALIA - ECONOMIC TIMES
Economic Times reported that, International Coal Ventures, or ICVL, the special purpose vehicle floated by five state-owned firms to scout for coal ...
Monday, 20 September 10
IRON-ORE SHIPPING DEMAND MAY GAIN ONCE CHINA STEEL CUTS FINISH, SSY SAYS
Demand to transport iron ore may rebound once China ends steel-production cuts and steel prices may gain in the next several months because of the r ...
Saturday, 18 September 10
ECI / CHINA FREIGHT ROUTE DOWN BY 1.22 PCT OR US$ 225 PER DAY AND CLOSED AT US$ 18,123 PER DAY - VISTAAR
COALspot.com: The BDI was under pressure this week and was almost down by 11 pct and closed at 2676 points.
The Cape and Panamax index was almost ...
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- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
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