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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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Wednesday, 22 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previou ...
Monday, 20 September 10
MMTC SEEKS TO BUY 1.3 MT OF COAL FOR INDIA UTILITIES - SXCOAL
MMTC Ltd., India’s largest state- owned trading company, is seeking bids for the supply of 1.3 million tonnes of coal to feed power plants run ...
Monday, 20 September 10
KANGAROO RESOURCES SIGNS PARTNERSHIP WITH ASEAMCO FOR INDONESIAN COAL ASSETS - PROACTIVE INVESTORS
International coal producer Kangaroo Resources (ASX: KRL) has completed a new three-year agreement with Australian mining consultants ASEAMCO to del ...
Monday, 20 September 10
ICVL LOOKS FOR COAL ASSETS IN UZBEK, INDONESIA, AUSTRALIA - ECONOMIC TIMES
Economic Times reported that, International Coal Ventures, or ICVL, the special purpose vehicle floated by five state-owned firms to scout for coal ...
Monday, 20 September 10
IRON-ORE SHIPPING DEMAND MAY GAIN ONCE CHINA STEEL CUTS FINISH, SSY SAYS
Demand to transport iron ore may rebound once China ends steel-production cuts and steel prices may gain in the next several months because of the r ...
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- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- The University of Queensland
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Planning Commission, India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
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