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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rates and encourage longer haul journeys in the coming months. Despite a voyage time of 45 days compared with 15 from Australia, China's coking coal imports from the U.S. rose 4,800 percent in January-May 2010 from the same period last year and 85 percent from Canada, official Chinese import data shows. "This is a trade that did not exist in this quantity a year ago," Derek Langston, a director with SSY Consultancy and Research, said. North American producers able to sell their coal as either thermal or coking coal have switched their marketing efforts to China, away from the slumping domestic and European markets.
"This year the Chinese market had the capacity to start taking the high-sulphur metallurgical coal that the usual buyers weren't taking," a major U.S. coal trader said.
"Now the high-sulphur thermal coal, which used to go to European power plants, is moving to China from Baltimore as coking coal. Practically half the year is gone and there have been very few sales to Europe." Coal with a sulphur content of 1.5-2 percent which was traditionally sold to European utilities has become acceptable this year to Chinese power and steel end-users, traders said.
High-energy U.S. steam coal used for blending with coking coal is trading at 900-1,000 yuan/tonne CIF, a Beijing trader said. Shipping analysts say growth in U.S. coal exports to Asia could help bolster rates especially for smaller panamax vessels.
"The increase in shipments from the U.S east coast to Far East Asia is one very good example of how the panamax fleet is being used less efficiently than it was last year and such inefficiency is supportive of rates," SSY's Langston said. Average earnings for panamaxes in the year to date have reached around $30,500 per day from $19,300 for the whole of 2009.
"If thermal coal exports from the U.S. west coast to Asia ultimately find a steady place in the market, freight rates will likely receive additional support due to the long-haul nature of these exports," Jeffrey Landsberg, senior analyst with dry bulk consultants Commodore Research, said.
China Imports Surge
China has been the salvation of coal producers since last October when thermal and coking coal imports began to surge. American producers have been quick to focus on the Chinese market where they can get over $200 a tonne for coking coal - a healthy margin against cash costs of $80 per tonne.
China's official customs figures show a huge rise in North American imports during 2010 with coking coal from the U.S. and Canada together accounting for 2.7 million tonnes out of total imports of 19 million tonnes in Jan-May. U.S. metallurgical coal exports are likely to be in excess of 50 million tonnes in 2010, up from around 38 million in 2008, according to the U.S. National Mining Association.
Consol , the U.S.'s largest producer of bituminous coal, is actively chasing Chinese business, coal players say. "It's extremely profitable for Consol which has sold its high-sulphur thermal coal at more than $150 a tonne to China - more than twice what it could get in Europe at netback prices to API2," the U.S. coal trader said.
Producers such as Consol would make a loss of at least $10 a tonne if they tried to sell into Europe at current CIF ARA or API2 prices of $90 a tonne, utilities and traders said. This leaves American producers dependent upon the domestic market and Asia.
Canada has also seized the opportunity offered by China's continued steel boom. Around 2 million tonnes of Canadian coal including 1.2 million of coking coal went to China in Jan-May, a rise of 90 percent from last year. The majority of shipments from the U.S. to Asia have been using panamax vessels, which have a capacity of around 60,000 and 80,000 deadweight tonnes (dwt).
Coal capesizes, the largest class of dry bulk vessels with a capacity above 100,000 dwt, have been used to a lesser extent due to loading restrictions at East Coast U.S terminals. During the past two months capesize cargoes have partly loaded in the U.S. and then filled up at Canadian ports.
Around 500,000 tonnes of coking coal each from the U.S. and Canada were shipped to China in May alone, import figures show.
"The fully laden capesize vessels will then be able to sail to Asia and deliver full cargoes, allowing Asian coking coal importers to take greater advantage of economies of scale," Commodore's Landsberg said.
"This development will likely increase demand for U.S. coking coal and will help support capesize freight rates."
Source: Commodities Now / Hellenic Shipping
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Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
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