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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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Thursday, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
Wednesday, 19 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Tuesday, 18 January 11
MINISTRY SEEKS COAL FROM INDONESIA - SUNDAY OBSERVER
Sunday Observer reported that, Ministry of Power and Energy is to explore the possibilities of importing quality coal from Indonesia.
Minister Pa ...
Tuesday, 18 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Sunday, 16 January 11
STANCHART GLOBAL RESEARCH SEES COAL PRICE RISING ON SUPPLY DISRUPTION - BURSA MALAYSIA MARKET NEWS
Bursa Malaysia Market News reported that, Standard Chartered Global Research has upgraded its 2011 forecasts for global thermal coal prices based on ...
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- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
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