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