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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, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Marubeni Corporation - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- McConnell Dowell - Australia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
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