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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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Friday, 04 February 11
PERTAMINA DENIES KAREN AGUSTIAWAN RESIGNS FROM PERTAMINA
COALspot.com - The President Director of PT Pertamina, Karen Agustiawan reportedly will replace Darwin Saleh as Minister of Energy and Mineral Resou ...
Friday, 04 February 11
ADARO ENERGY FY10 COAL SALES UP 6 PERCENT TO 43.84 MILLION
As reported by insider stories, Indonesian coal miners PT Adaro Energy Tbk has produced 42.20 million tons of coal in 2010, a 4 percent increase com ...
Thursday, 03 February 11
MERCATOR LINES TO INVEST RS 200-250 CRORE ON COAL MINE IN INDONESIA - ECONOMIC TIMES
Economic Times reported that, Mercator Lines, the HK Mittal-controlled shipping-to-mines major, will invest about 200-250 crore (US$ 43.825 - 54.781 ...
Thursday, 03 February 11
DRY BULK MARKET LOOKS SET TO BOTTOM OUT NIKOS - ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market having lost more than 72% of its value in the last month or so and having retreated to a 2-year low, it seems that the bott ...
Wednesday, 02 February 11
INDONESIA MAY MISS COAL EXPORT TARGET IN 2011
COALspot.com - Indonesian Trade ministry has instructed independent surveyors temporarily not to issue pre-shipment survey report (LS) to the compan ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- MS Steel International - UAE
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
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