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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, 23 July 10
KOWEPO TO IMPORT ADDITIONAL 1.2 MILLION TONS OF INDONESIAN COAL WITHIN 5 MONTHS
Korea Western Power Company Limited has finalized around 1.2 million tonnes of Indonesian origin of coal last week. According to K ...
Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
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- PTC India Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- White Energy Company Limited
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Australian Coal Association
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
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