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Saturday, 17 April 10
DRY BULK MARKET EDGES HIGHER ON STRONGER DEMAND
.jpg) The dry bulk market managed to inch higher by the end of the week as brokers indicated that stronger cargo demand pushed freight rates that much higher. The Baltic Dry Index move forward to surpass the 3,000-point once again and end the week at 3,009 points. According to Weberseas’ latest weekly report “improving rates are pushing the indices upwards albeit at a steadier pace. All the market indices have finished the week positively with increases between 1-4%” said the report.
It further added that no doubt there is solid demand from China and coupled with the continued congestion around the world's main loading/discharging ports we are seeing a supply/demand imbalance. “Worldwide congestion currently stands at around 31 million deadweight. Australia and Brazil are accounting for about one third of this. At Australia's loading ports there are 5.7 million deadweight of ships waiting (half of which are panamax bulkers with 40 odd of these ships stuck in waiting). The figure is slightly less in Brazil at 4.7 mill deadweight” said Weberseas.
As the talks continue between the Chinese steel mills and the major mining producers (BHP Billiton, Rio Tinto and Vale) more and more of the Chinese importation is done via spot fixtures from other areas with India getting the lion's share. This means that supramax and panamax bulkers are benefiting and presently experiencing strong freight numbers. Panamax bulkers seem to be benefiting the most at the moment from the congestion and we are seeing the BPI standing at a 25% premium over the BCI (4,034 and 3,071 respectively). Both the supramax and panamax segments have also been assisted by the good grain trading volumes.
But brokers remained cautious, as their primary concern is the fact that rising iron ore prices could hurt demand and hit cargo activity. Iron ore prices in Asia were rising throughout the week, continuing a rally that started last month, with high grade ores at their highest since August 2008, Reuters said in a report, adding that China has been buying Indian iron ore, shipped using supramaxes, bolstering rates on the smaller vessel market.
Analysts from Commodore Research indicated in another update on Chinese commodity demand that China’s restrictions on iron ore imports have forced spot ore prices to increase sharply. Chinese iron ore fixtures have remained relatively firm this week, ore fixtures were very low yesterday and on Monday - but today they have increased. Chinese ore demand continues to remain firm, and, so far, importers are not truly heading a call to boycott Australian and Brazilian iron ore. Spot Indian iron ore prices have increased to approximately $146/ton FOB, an increase of $22 (18%) from April 5.
Omar Nokta of Dahlman Rose stated that if the quoted Vale price is accurate, the dry bulk market could see significant upside in the coming weeks, as $100 would represent a significant discount to current spot prices. "With more stability and increased visibility into iron ore pricing, the dry bulk market can begin to better reflect the stronger environment across the global industrial complex", Nokta said.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...
Monday, 07 June 10
SOUTH AFRICA COAL STAYS NEAR 18-MONTH HIGH ON EUROPEAN DEMAND - BLOOMBERG
Bloomberg Reported that, Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, ...
Sunday, 06 June 10
THE DOWNWARD TREND FOR S6 AND S7 ROUTE IS LIKELY TO CONTINUE NEXT WEEK - VISTAAR
COALspot.com: "This seemed market heading for corrections with all sectors down", said, Capt. Reddy, MD of Vistaar Shipping Singapore, an ...
Sunday, 06 June 10
STEAM COAL MAY BECOME NEXT BOOMING COMMODITY IN AUSTRALIA - DB
Deutsche Bank predicts that thermal coal could become Australia's next booming commodity. The German investment bank's global thermal coal team ex ...
Friday, 04 June 10
INDO/INDIA AROUND THE MID 20'S LEVEL AND MID TO HIGH 20'S INDIA/CHINA
Handy
After a quiet end to last week, the Atlantic handysize market continued&nb ...
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- Vijayanagar Sugar Pvt Ltd - India
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- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
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- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
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- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
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- Bangladesh Power Developement Board
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- Attock Cement Pakistan Limited
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- Independent Power Producers Association of India
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- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
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- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Indonesian Coal Mining Association
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- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
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- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
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- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
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- Oldendorff Carriers - Singapore
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- Ceylon Electricity Board - Sri Lanka
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- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
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- The University of Queensland
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- Orica Mining Services - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
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- Romanian Commodities Exchange
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- Price Waterhouse Coopers - Russia
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- SMC Global Power, Philippines
- Renaissance Capital - South Africa
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- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
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- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
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- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
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- Holcim Trading Pte Ltd - Singapore
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