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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, 11 August 10
CAPESIZE MARKET ON RECOVERY MODE
The dry bulk market, usually dormant in August, has returned on a high note this week, after last week’s gains. Monday proved to be rather buo ...
Wednesday, 11 August 10
BANPU SECURES TAKEOVER LOAN - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, has secured loans worth US$2 billion from Thai and foreign banks to proceed with ...
Tuesday, 10 August 10
KOREA'S EWP TO BUY 4 MILLION TON OF 3700 AND 4600 NAR COAL AT FIXED PRICE
COALspot.com: Korean utility East-West Power out with the tender to buy 0.670 million tons with a minimum calorific value of 4600 NAR and 0.350 mill ...
Tuesday, 10 August 10
COAL CONSTRAINS CORE SECTOR GROWTH IN JUNE 2010
Growth in the six key infrastructure sectors decelerated for the third month in June. This is primarily due to last year’s high base effect. D ...
Sunday, 08 August 10
SOUTH AFRICA INCREASES COAL EXPORTS TO INDIA BY 74% IN JULY, TRADER SAYS
South Africa’s Richards Bay, the continent’s largest coal terminal, increased sales to India by 74 percent in July from June, according ...
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- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
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