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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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Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
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