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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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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Planning Commission, India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
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