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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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Friday, 07 January 11
SRI LANKA NEW PORT TO OFFER SHIP FUEL IN MAY - LBO
LOB reported that, The Sri Lanka Ports Authority (SLPA) plans to start bunkering or ship fuel operations at a new port in southern Hambantota in May ...
Friday, 07 January 11
DRY BULK MARKET ON A FREEFALL, AS THE NEW YEAR EARLY DAYS DONT BRING MANY CHEERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is facing its worst slump in more than two years, falling by 4.75% yesterday to reach 1,544 points, on top of an additional 4.2% ...
Thursday, 06 January 11
OVERSEAS & GENERAL SIGNS AGREEMENT TO EXPAND FOOTPRINT ON COAL LEASE IN INDONESIA - PROACTIVE INVESTORS
Proactive Investors reported that, Overseas & General (ASX: OGL) has entered into a joint operating agreement on the Jambi Coal Lease in Sumatra ...
Thursday, 06 January 11
BANPU EXPECTS ROSY 2011 AS COAL PRICES SKYROCKET - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, expects minimal impact from the production stoppage at its Daning mine in China ...
Thursday, 06 January 11
COKING COAL CONTRACT PRICE MAY RISE 33% ON AUSTRALIAN FLOODS - BLOOMBERG
Bloomberg reported that, Steelmakers in Asia may be forced to pay as much as 33 percent more for hard coking coal after the worst floods in 50 years ...
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- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Indian Energy Exchange, India
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