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