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