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Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
 With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long road of recovery in terms of hiring rates. After the first glimmer of hope received Friday with the halt of the BDI’s 35 day slide, Monday’s session was again on the positive side. The BDI ended at 1732 points, up by 12, with gains noted both in the capesize and the panamax end of the market. Still, shipbrokers’ reports have warned that demand from China remains subdued, which means that no particular “rally” should be expected in the near term.
In its latest weekly report, Commodore Research & Analysis said that “recent spot chartering activity has decreased sharply from moderate levels seen at the start of the month. Two weeks ago, the steady increase in available vessel supply was largely responsible for the continued decline in freight rates. Last week’s decrease in freight rates, however, was largely due to the recent decline in spot cargo demand. A sharp week-on-week decrease in iron ore fixtures put additional pressure on capesize rates - but owners have reportedly begun to take their Capes out of the market in order to artificially reduce vessel supply, which would help capesize rates find support. This ploy might be working - capesize rates increased by 3.5% on Friday, after previously falling for 11 consecutive days and during much of June.
Panamax freight rates have also been finally able to find support. A moderate amount of South American grain fixtures and Indonesian and Australian coal fixtures continue
to come to the market, which have led to a moderate increase in panamax rates. Also encouraging is last week’s minuscule week-on-week decrease in Chinese steel prices.
Chinese steel prices need to reverse their decline before a sustained increase in freight rates is possible” said Commodore.
Port congestion still affect shipping rates, with approximately 155 vessels currently anchored outside major Australian ports, 10 more than a week ago. Approximately 40 vessels are anchored outside major Brazilian ports, 10 less than a week ago. Of the 195 vessels congested outside of the Australian and Brazilian ports, approximately 100 of them are Capesize vessels. In comparison, 110 Capesize vessels were anchored outside of Australian and Brazilian ports a week ago. Lower levels of global vessel congestion continue to put pressure on freight rates. Rates have come under additional pressure due to the recent decline in cargo demand.
According to Commodore, “although cargo demand has seen a noticeable week-on-week decline, owners are reportedly taking their vessels out of the market which might help rates find support”. Meanwhile, the report said that Chinese steel exports have possibly peaked. “China has exported 23.58 million tons of steel in the first six months of 2010, 14.25mt (153%) more than the 9.33mt exported during the same period in 2009. This increase in seaborne cargo has helped support rates for smaller dry bulk vessels. Chinese steel exports are about to come under pressure, however, even though global steel demand remains robust. Recently passed legislation which removes rebates for Chinese steel mills on various types of steel exports came into effect on July 15. Chinese steel exports totaled 5.62mt in June, the largest total since September 2008, but Chinese steel exports are now, on average, 10% more expensive than just 4 days ago. Chinese steel exports are now likely to begin coming under pressure” Commodore said.
As for coal trades, more thermal coal will likely be used by China, to fuel any increase in power generation, with the country’s hydropower output likely at or near its peak. As a result, Chinese thermal coal imports, which have been robust but on the decline since April, could find additional support. Commodore mentioned that in recent weeks, a moderate amount of Chinese thermal coal fixtures have been chartered in the dry bulk market and fixtures may increase in the upcoming weeks. It still remains to be seen if China will be able to generate enough electricity to satisfy growing demand.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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 Dr ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
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