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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, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
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