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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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Monday, 13 December 10
ICE FUTURES EUROPE TO LAUNCH IHS MCCLOSKEY INDONESIAN SUB-BITUMINOUS FOB MARKER COAL CONTRACTS - MONDOVISIONE
Mondovisione reported that, IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over ...
Monday, 13 December 10
NALCO TO START WORK ON RS 18K CR ($ 4,010,695,091) INDONESIAN PROJECT BY JUNE - MSN
MSN reported that, State-owned NALCO today said it has selected UAE-based RAK Minerals as JV partner for its Rs 18,000 crore (US$ 4,010,695,091 ...
Monday, 13 December 10
DEUTSCHE BANK RAISES COAL FORECASTS ON MARKET SHORTAGE - BLOOMBERG
Deutsche Bank AG raised price forecasts for thermal coal by as much as 17 percent on expectations that a shortage of the fuel will widen over the ne ...
Monday, 13 December 10
K SERA SERA TO SPEND RS325CR TO BUY COAL,OIL & GAS FIRMS STAKE - LIVE MINT
The company might have to dole out around Rs 225 crore (US$ 50,122,522) for picking up the majority stake in the coal mine in Indonesia and around R ...
Thursday, 09 December 10
OVERSUPPLY OF SHIPS BOUND TO KEEP DRY BULK FREIGHT RATES SUBDUED DURING 2011 SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
An oversupply of vessels is expected to keep freight rates from flying as high as in recent years said a relative shipping report from BIMCO’s ...
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- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Planning Commission, India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
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