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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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- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- The University of Queensland
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Planning Commission, India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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