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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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Tuesday, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
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- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
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