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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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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Romanian Commodities Exchange
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- MS Steel International - UAE
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
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