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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, 24 December 10
DRY BULK OWNERS COULD SOON RECONSIDER SCRAPPING OLDER VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bi ...
Thursday, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED
Press Release – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining ...
Thursday, 23 December 10
CESC EYES COAL MINES IN INDONESIA, S AFRICA - TEHELKA
Company has already set a target of adding 6,000 MW power generation by the end of the 12th Plan in 2017
Tehelka reported that, CESC Ltd, the fla ...
Thursday, 23 December 10
SANTA CLAUSE DID NOT COME EARLY THIS YEAR - FEARNBULK
Handy
Not much fresh enquiry this week and quite dead in Bl.Sea/Med. Nevertheless ...
Thursday, 23 December 10
STERLITE ENERGY LIMITED TO BUY 0.6 MLN MT OF COAL FOR 2011
COALspot.com - Sterlite Energy Limited (SEL) is a part of Vedanta Resources plc , a London listed FTSE 100 diversified metals and mining major with ...
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- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
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