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Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
 The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dry Index (BDI) posted Monday its 32nd consecutive loss, retreating down to 1,840 points, down by 62 since Friday’s session. Yesterday, marked the return of downward pressures to the capesize segment, as the Baltic’s Capesize Index lost 153 points. By contrast, the panamax market was practically stagnant.
According to Commodore Research’s latest weekly report, “dry bulk freight rates decreased sharply last week due to significant supply-related pressure. Port congestion remains significantly lower than congestion seen earlier in the year. The recent decrease in congestion combined with the continued delivery of a large amount of newbuildings is largely responsible for freight rates coming under recent pressure. A moderate amount of cargo demand has come to the market in the last two weeks, with Asian thermal coal demand remaining extremely robust and grain and iron ore demand remaining firm. 24 iron ore fixtures were reported last week, 3 less than during the previous week.
Capesize rates are currently averaging $17,643/day, a decrease of $5,826 (-25%) from the previous week. Panamax rates are averaging $15,679/day, a decrease of $4,040 (-20%). Supramax rates are now averaging $18,999/day, a decrease of $1,863 (-9%). Handysize rates are averaging $14,736/day, a decrease of $1,601 (-10%)” said the report.
Based on the report, Chinese iron ore demand has remained firm, although ore fixtures have declined from the previous week which has contributed to spot ore prices coming under additional pressure. In addition, global grain demand has remained healthy, with a moderate amount of grain fixtures continuing to be chartered to load grain shipments from South America. Similarly, “iron ore stockpiles at Chinese ports have risen to an extremely high level.
Chinese ports have not held ore stockpiles exceeding 72 million tons since September 2009. Contrary to a few market rumors, spot iron ore fixtures have remained relatively firm during the last few weeks which has helped iron ore stockpiles slowly increase. With Chinese iron ore port stockpiles now at near record levels, however, spot ore fixtures could begin to come under moderate pressure” warned Commodore.
With respect to the port congestion developments, the report said that approximately 155 vessels are currently anchored outside Australian ports, 5 less than a week ago. Approximately 45 vessels are anchored outside Brazilian ports, 15 less than a week ago. Of the 200 vessels congested outside of Australian and Brazilian ports, about 115 of them are Capesize vessels. In comparison, 125 Capesize vessels were anchored outside of Australian and Brazilian ports a week ago. The decline in Capesize congestion at Australian and Brazilian ports has contributed to mention Dalrymple bay and Newcastle.
On a similar note, shipbrokers N.Cotzias Shipping Group said that the BDI has lost a total of 54.8% since the 26th of May and until the previous Friday. “This proves our point that the Baltic Indices behave in a much more “financial market” manner posing more volatility and definitely shorter periodicity of peaks and troughs. Presently all the Dry Bulk markets are definitely facing a 14 month low, and the generic Baltic Dry index during this 14 month period, had previously never fallen below the 2,000 point mark.
It was only on May the 5th of 2009 that we had recorded the BDI at 1897 points and then the index moved really fast by doubling its value in less than a month. What has happened today though and we are facing such a serious collapse? When we record cape daily earnings to have lost ]20% in just a couple of days, then yes we talk of a collapsed market!” said the broker in a report.
It goes on to state that “we are facing a “chicken]egg” situation, where falling commodity prices are primarily responsible for the collapse of the shipping markets and falling shipping markets are responsible for falling commodity prices. But that can be seen as an opportunistic situation for Iron/Ore traders who know that China will buy “X” quantities during the next 2]3 months. Iron/ore prices are declining. Just for comparison levels, they have dropped by 30% since April 2010 prices and as we see every week a softening of the commodity price per ton, traders will not buy today as they know that tomorrow the same parcel will cost less” Cotzias said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had pass ...
Tuesday, 25 January 11
DRY BULK RATES CONTINUED TO TUMBLE LAST WEEK - BRS
With weather-related problems affecting the short-term outlook, and new building deliveries the longer-term picture, dry bulk rates continued to tum ...
Tuesday, 25 January 11
R-POWER TO INVEST $5BN IN INDONESIA - THE TIMES OF INDIA
The Times of India reported that, In what is being seen as one of the largest foreign investments in Indonesia, Reliance Power will infuse $5 billio ...
Monday, 24 January 11
GOVT PROMISES COAL FOR PLN DESPITE PRICE SPIKES - THE JAKARTA POST
The Jakarta Post reported that, the government says state electricity company PT PLN will receive enough coal to fire its power plants, despite pric ...
Monday, 24 January 11
DRY BULK MARKETS DOWNTURN SEES NO RELIEF - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79 ...
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- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
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