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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, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
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