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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, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry ...
Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
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- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
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