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Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
 With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterers its newest trends this week. But, if one takes into account the market’s behavior during the previous week, it’s obvious that as far as capesize owners are concerned, volatility is the name of the game. Capesize rates rose seven percent Monday but quickly recorded an eight percent decline on Wednesday, with charterers digging in their heels and causing rates to finally decline after practically a month on the rise. According to the latest weekly report by Commodore Research & Analysis, “Capesize spot chartering activity remained largely on par with the previous week. 24 iron ore fixtures were reported last week, a decrease from 28 iron ore fixtures reported during the previous week. The 24 fixtures is a firm amount - but down sharply from 36 ore fixtures seen during the week ending August 13. 18 of last week’s ore fixtures were for capesize vessels, the same amount reported during the week ending August 20” the report said.
Commenting on the general state of the market, the report noted that “last week’s low level of spot chartering activity is a cause for concern. Freight rates were able to remain relatively steady despite the decline but will likely be unable to hold steady this week if chartering activity does not increase. A healthy amount of period fixtures, however, continue to come to the market. We are in the thick of the dreaded second half of 2010 (dreaded due to the massive amount of newbuildings that were pegged to be on the water during this time) but dry bulk freight rates are well above where a large part of the market had expected them to be.
A steady supply of newbuilding deliveries continues to be delivered however. In addition, both near-term spot iron ore prices and Chinese steel prices show signs of possibly decreasing. Iron ore and Chinese steel prices had been increasing moderately since the middle of July but finally have reversed their rise. It is too early to determine whether prices are simply taking a breather or are poised to decrease” Commodore mentioned.
Another issue affecting freight rates is the recent Indian iron ore mess. India’s central government has voiced objections to the ongoing iron ore export ban in the southwestern state of Karnataka - but so far no official action has been taken to eliminate the ban. According to the central government, the ability to restrict exports is a power reserved solely for the central government and not for the states. India’s central government has conceded that state governments have the power to restrict illegal mining, however, but the central government views a refusal to issue mineral dispatch permits as unconstitutional. In recent weeks, Karnataka has stopped issuing mineral dispatch permits to transport iron ore not only to exporters but also to domestic steel mills. This has contributed to a relatively low volume of iron ore currently being exported from India (India is also at the tail end of monsoon season which has also led to a low volume of exports). The export ban has caused Chinese iron ore buyers (the vast majority of Indian iron ore exports are sent to China) to source a much larger amount of their imported iron ore from suppliers in Australia and Brazil. Indian steel mills have also had difficulty securing iron ore, with some mills expecting steel output to possibly be affected.
Late last week, however, the Karnataka government agree to issue dispatch permits to transport Karnataka-produced iron ore to domestic steel mills in Goa. The Karnataka government has been adamant that locally produced iron ore is not to be exported.
Going forward, “there are no immediate signs pointing to a swift repeal of the export ban. The central government in India, at times, is unable to quickly pass legislation and it seems likely that their “objections” to the export ban will remain as just that - objections - for at the very least the next week. In the short-term, the Karnataka iron ore export ban will continue to force Chinese iron ore buyers to import more of their ore from Brazil and Australia. This will lend support to capesize rates as most Brazilian and Australian ore shipments are carried on capesize vessels” Commodore concludes.
Source: Nikos Roussanoglou & Hellenic Shipping
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Tuesday, 22 February 11
SUPRAMAX MARKET IS IMPROVING IN THE PACIFIC
BRS - A 10% rise in the BDI this week, mostly on the back of Panamax rates and improvements in the Supramax market in the Pacific. For the Capes, ra ...
Monday, 21 February 11
CHURCHILL MINING RECEIVES SIGNIFICANT INTEREST, PROPOSALS TO DEVELOP EAST KUTAI COAL PROJECT - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining has received a number of specific proposals to fund and develop its massive East Kutai coa ...
Monday, 21 February 11
ABOLISH 5% DUTY ON COAL IMPORTS: SHINDE
Indian Express reported that, with acute coal shortage of domestic coal threatening to destabilise its power generation plans, the power ministry ha ...
Saturday, 19 February 11
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market was quite firm this week with freight rates in South east asia and India/Feast almost up by 30 pct.
However towards end ...
Thursday, 17 February 11
COAL-GEN EUROPE 2011 REAFFIRMS THE IMPORTANCE OF COAL
Press Release: The third COAL-GEN Europe conference and exhibition, kicked off on Tuesday 15 February, with leading experts, professionals and compa ...
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- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Planning Commission, India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
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