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Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
 This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Yesterday, the BDI edged up even higher at 4,209 (+ 22 points on a daily basis), with the Capesize market segment once again leading the pack, as all other ship types demonstrated deflationary trends. Still, after the impressive increase of Tuesday, yesterday proved a rather moderate session, with few fluctuations, in what could be a sign that charterers have tested their strength and aren’t willing to push the market any further. Thus, some market correction could be in store in the following days.
In yesterday’s weekly report, Fearnley’s said that capesize rates went through the roof. “Early this week, FFA values for June were USD 51,500 vs. mid last week USD 37,000, one of the main drivers for the physical market. The freight for Australia round voyage jumped from USD 12.1 last week to USD 14.2 mid this week, Tubarao Qingdao from USD 29.9 to 34.4! Although some talks about the market appearing more toppish now - nobody dares to say we are presently on the top. It is also interesting to note last year’s jump around this time, the 21st of May the index was USD 40,000 vs. USD 93,000 the 3rd of June”.
Commenting on a lackluster panamax segment, the shipbroker said that “as expected and despite the strong re bounce in the Cape segment, the Panamax market gradually lost some of its momentum over the last few days. In the Atlantic prompt Continent positions are still able to secure very healthy numbers in the mid/upper 40´s, whereas Charterers with June requirements may not be so tight on tonnage. Front haul typically in the mid/high 40´s range apart from spot trips via Aden as a Baltic-India buiz done at 60K. The Pacific market has consolidated around the low 30.000 level for NOPAC and ECSA rounds. The period market is still fairly active indicating the market may believe the downside is limited” said Fearnley’s.
In a market comment released this week, Jeffrey Landsberg of Commodore Research said that he remains cautious for what is in store for the future and there is valid concern that freight rates may come under great pressure in the second half of the year. “With that in mind, though, we continue to take things one step at a time, as there will continue to be opportunities to benefit from changes in short-term market dynamics, as we have seen in the dry bulk equity, FFA, and physical markets in the last few weeks”. According to Commodore’s analysis, approximately 100 capesize vessels were delivered in 2009, about 66% of what was expected to be delivered back in July 2008. “Capesize freight rates averaged approximately $43,000 in 2009. This year, approximately 45 Capes were delivered in the first quarter of this year with more delivered each week. On an annualized basis that's 180 Cape deliveries for 2010. At the time of writing, however, Capesize freight rates are averaging $48,248/day - well above operating costs and historically a very robust rate” said Landsberg.
In the short-term though, Chinese demand for thermal coal is expected to remain robust as China enters peak summer demand season and the economy continues to expand at a rapid pace. In addition, the commencement of Indian monsoon season will result in China needing to import more iron ore from Australia and Brazil which will lend additional support to Capesize freight rates. A decrease in Indian iron ore exports, which are normally carried on Supramax and Panamax vessels, will be partially offset by an increase in Chinese grain imports. Overall, dry bulk cargo demand is in a bit of a lull, but thermal coal and grain demand remain robust and iron ore demand is still firm.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- The University of Queensland
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
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