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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, 15 October 10
VALUE ADDED TAX FOR COAL TO RE-INTRODUCE IN INDONESIA
COALspot.com: Indonesian government is drafting a ministerial decree to re-introduce value added tax for coal and mineral. Coalindo weekly news lett ...
Thursday, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
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- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
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