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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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Sunday, 21 November 10
THE FREIGHT MARKET MAY SLIGHTLY FIRM UP NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market continued its down fall with BDI down by 6.83 pct and closed at 2,155 points.
According to Vistaar Shipping of S ...
Saturday, 20 November 10
ITALIAN STEAM COAL MARKET HAS RECOVERED - ITALIAN COAL ASSOCIATION
Press Release - This year Italy will import 17 million tons of steam coal, up 3% from 2009, and 5.5 million tons of coking coal and PCI, up 37% over ...
Friday, 19 November 10
WE'LL THINK ABOUT COAL TOMORROW - ANALYSIS
The future of coal generation in Russia is in question. The largest energy companies have abandoned their initial plans to switch their therma ...
Friday, 19 November 10
DRY BULK MARKET ON THE ROPES WITH BDI PLUNGING TO 2,164 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the panamax markets suffering the most this week, but a ray of hope for the capesize market, which appears to be stabilizing after days of fall ...
Thursday, 18 November 10
WORLD COAL ASSOCIATION WELCOMES NEW CHAIRMAN & SHENHUA GROUP AS NEW MEMBER 17 NOVEMBER 2010
Press Release – The premier global coal industry association marks its 25th anniversary with a new Chairman and welcomes China’s lar ...
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- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Minerals Council of Australia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Siam City Cement - Thailand
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
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