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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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Monday, 23 August 10
COAL FOR FAST-TRACK PROGRAM ASSURED
Antara and the Jakarta globe reported that, the coal supply for the government’s 10,000 megawatt “fast- track” program was assured ...
Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
COALspot.com: The BDI continued to rise this week by 11.67 pct with the other sectors also keeping the moment. The cape size index also was up by 11 ...
Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
ASEAN Federation of Mining Association (AFMA), an association of mining groups in Southeast Asia, will hold the 9th Asia Pacific Mining Conference a ...
Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
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- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Central Electricity Authority - India
- The University of Queensland
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
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