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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, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- The University of Queensland
- Independent Power Producers Association of India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Planning Commission, India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
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