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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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Saturday, 09 October 10
9TH ASIA PACIFIC MINING CONFERENCE & EXHIBITION 13 14 OCTOBER 2010 AT SHANGRI-LA HOTEL, JAKARTA.
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Saturday, 09 October 10
SAIL SEEKS LONG-TERM COKING COAL SUPPLY FROM GLOBAL COMPANIES - BUSINESS STANDARD
State-owned Steel Authority of India (SAIL) Friday invited bids from global companies for long-term supply of coking coal to feed its expanding stee ...
Friday, 08 October 10
INVESTORS STILL RELUCTANT TO ENTER DOWNSTREAM INDUSTRIES - THE JAKARTA POST
The Jakarta Post reported that, mining companies are showing a low level of enthusiasm to enter the downstream industries, as required by the 2009 M ...
Friday, 08 October 10
VESSEL OWNERS ARE RELUCTANT FOR INDONESIA TO INDIA COAL TRIPS - FEARNBULK
Handy
Last week ended with a flourish of activity as the Chinese tried to fix any prompt vessels before the Golden week festivities, and since the ...
Thursday, 07 October 10
MIRACH ENERGY GAINS RIGHTS TO EAST KALIMANTAN COAL MINE - THE EDGE SINGAPORE
The Edge Singapore reported that, Mirach Energy says it has gained the rights to produce and sell coal in an open-pit coal mine in Samarinda, the ca ...
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- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
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