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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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Monday, 14 December 09
SOUTH AFRICAN STEAM COAL PRICES FIRMING UP FOR Q1 TRADE
Reuters reported that Q1 South African coal prices firmed again slightly largely on Asian demand but European delivered prices were little changed.
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Sunday, 13 December 09
THE FREIGHT MARKET SEEMS TO BE COMING OFF A BIT AND THE MARKET MAY BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com (Singapore): "The market softened this week especially in the Cape and Panamax segment , where as the Supramax and Handy size was ...
Sunday, 13 December 09
NAPOCOR CUTS COAL IMPORT PROJECTION FOR 2010
STATE-RUN National Power Corp. slashed its planned coal importation for 2010 to only 200,000 metric tons from 3.4 million MT this year, as the gover ...
Sunday, 13 December 09
CHINESE BUYERS SEEK LARGE TONNAGE OF SOUTH AFRICA STEAM COAL
Reuters reported that Chinese utilities on the coast and inland are seeking several cape cargoes each of South African coal for 2010 delivery becaus ...
Saturday, 12 December 09
QUEENSLAND APPROVES A$4 BILLION COAL TERMINAL PROJECT
Queensland’s state government said it has signed a mandate approving development of the A$4 billion ($3.7 billion) Wiggins Island coal termina ...
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- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
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- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
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- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
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- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
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- Kaltim Prima Coal - Indonesia
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- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
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- PowerSource Philippines DevCo
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- Parliament of New Zealand
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- Indian Oil Corporation Limited
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- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
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- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
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- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
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- VISA Power Limited - India
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- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
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- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
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- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
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- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
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- Singapore Mercantile Exchange
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- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
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- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
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- Mercuria Energy - Indonesia
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- Central Electricity Authority - India
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- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
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- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
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- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
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- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
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- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
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