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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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Wednesday, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had pass ...
Tuesday, 25 January 11
DRY BULK RATES CONTINUED TO TUMBLE LAST WEEK - BRS
With weather-related problems affecting the short-term outlook, and new building deliveries the longer-term picture, dry bulk rates continued to tum ...
Tuesday, 25 January 11
R-POWER TO INVEST $5BN IN INDONESIA - THE TIMES OF INDIA
The Times of India reported that, In what is being seen as one of the largest foreign investments in Indonesia, Reliance Power will infuse $5 billio ...
Monday, 24 January 11
GOVT PROMISES COAL FOR PLN DESPITE PRICE SPIKES - THE JAKARTA POST
The Jakarta Post reported that, the government says state electricity company PT PLN will receive enough coal to fire its power plants, despite pric ...
Monday, 24 January 11
DRY BULK MARKETS DOWNTURN SEES NO RELIEF - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79 ...
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- Meralco Power Generation, Philippines
- Economic Council, Georgia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- SMG Consultants - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
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