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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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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Planning Commission, India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
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