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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, 03 September 10
NALCO, INDONESIAN FIRM DIFFER ON COAL SUPPLY TO SMELTER - DNA INDIA
A few days ago, National Aluminium Company (Nalco) advertised in Indonesian newspapers asking for companies to bid for coal supplies for its 500,000 ...
Thursday, 02 September 10
PLN ASKED TO USE LOCAL COAL
Tempo Interactive reportd that, the Indonesian Mining Association Executive Director, Priyo Pribadi, has called on the state-run electricity company ...
Thursday, 02 September 10
NALCO OPEN TO EQUITY DILUTION IN $3.9 BN PROJECT IN INDONESIA
Business-Standard reported that, state-owned Nalco today said it is considering selling stake in its $3.9 billion (over Rs 18,000 crore) aluminium p ...
Thursday, 02 September 10
DRY BULK MARKET GAINS MOMENTUM TO INCREASE, WITH CHINA ONCE AGAIN TO THE RESCUE
With predictions from Chinese officials stating that the country’s iron ore imports during 2010 could surpass the record amounts of 2009, the ...
Wednesday, 01 September 10
STC BAGS NTPC ORDER TO SHIP 12 MT COAL
My Digital FC reported that, The State Trading Corporation (STC) has bagged NTPC’s tender to ship 12 million tonnes coal from Ind&sh ...
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- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
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