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Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
 The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yesterday fell for the 20th consecutive day, now standing at 2,515 points, which is the longest negative series since April of 2009.
It’s also the lowest point of the market since early October last year. This time around, the fall has impacted almost all ship types, with the capesize market once again finding itself earning lower daily rates than the smaller in size panamax segment. Daily rates for capesizes are now at $24,064, with the trend predicted even lower. By contrast, some dynamics evolved in the panamax market, with the Baltic’s Panamax Index rising by 45 points yesterday to 3,062 (versus 2,698 of the Capesize Index).
According to Commodore’s weekly report, “chartering activity was subdued as Chinese players were away from the market celebrating the three-day Dragon Boat Festival which began on Monday. Market sentiment has remained negative due to the growing fear of an approaching slowdown in Chinese real estate construction; this fear has intensified as Chinese steel mills have announced temporary cuts in steel output in order to reverse falling prices. Spot iron ore demand, however, remained firm throughout last week. 23 vessels were reportedly fixed to export iron ore, only 2 less than the previous week. In addition, overall spot chartering activity increased at the end the week after Chinese players returned from the holiday”.
Commenting on the capesize market in its latest report, shipbroker Fearnley’s said that these are challenging times for the biggest ships as spot demand presently not
matching flow of early units. “The Atlantic is struggling in particular, as fronthaul cargoes for July dates are few and far between. Ballasters from FEast are plentiful, and consequently the Tubarao/Qingdao conference trade has fallen by usd 3.50 pmt/usd 14k per day to present usd 37k. The W.Aust/China trade is on a similar track, with daily earnings for Pacific rounds cut by more than 30% to come in at below usd 20k. Although no sign of recovery is evident, numerous major players are considering present levels temporary and thus willing cough up upto almost 50% hire premiums for tonnage willing short period” the report said.
ICAP forecast the main index would reach 2,441 points in the third quarter and 2,677 in the first quarter of 2011. As quoted by Reuters, Georgi Slavov, head of dry freight research at ICAP Shipping said: "we remain bearish especially on the capes for the next month or two. After that, I do expect again a revival of activity". He also said that while the pace of fleet growth was likely to keep pressure on capesizes, the outlook for panamaxes and handysizes was better due to expectations for slower fleet growth.
"We may see for a prolonged period of time later on this year and especially next year capes trading below panamaxes," he said. "(Capesizes) will be under pressure."
Meanwhile, China, the biggest and most important powerhouse of the dry bulk shipping market is apparently using large amounts of domestic ore. The country produced 91.05 million tons of iron ore in May, an increase of 2.95 (3%) from 88.1mt produced in April. In the first five months of 2010, China has produced 383.2mt of ore, an increase of 90.74mt (31%) from 292.46mt of ore produced during the same period last year. Iron ore imports, however, have only increased by only 8% (China imported 262.24mt of iron ore in the first five months of 2010 and 241.93mt in the first five months of 2009). “A greater proportion of domestic iron ore has been used by steel mills this year to produce a record amount of steel. Chinese steel mills have produced 269.4mt of crude steel in the first five months of 2010, an increase of 52.36mt (24%) from the 217.04mt of crude steel produced in the first five months of 2009” Commodore noted.
Another factor weighing down of dry bulk rates is the fact that Indian iron ore exports remain under more pressure. India’s Supreme Court recently issued a restraint order restricting the Bellary Mines Company from mining iron ore in Andhra Pradesh, a state in southeast India. The company is suspected of transporting iron ore that has been mined illegally. India’s government has been consistently cracking down on illegal mining and railing of ore, as there has been widespread suspicion that government officials have been working with local mafia to transport illegal shipments of iron ore. Indian iron ore exports are under additional pressure due to monsoon rains limiting shipments. In the upcoming weeks, China will continue to source a large amount of ore from Australia and Brazil.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
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- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Planning Commission, India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
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