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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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Thursday, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
Wednesday, 19 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Tuesday, 18 January 11
MINISTRY SEEKS COAL FROM INDONESIA - SUNDAY OBSERVER
Sunday Observer reported that, Ministry of Power and Energy is to explore the possibilities of importing quality coal from Indonesia.
Minister Pa ...
Tuesday, 18 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Sunday, 16 January 11
STANCHART GLOBAL RESEARCH SEES COAL PRICE RISING ON SUPPLY DISRUPTION - BURSA MALAYSIA MARKET NEWS
Bursa Malaysia Market News reported that, Standard Chartered Global Research has upgraded its 2011 forecasts for global thermal coal prices based on ...
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- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- The University of Queensland
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- ASAPP Information Group - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
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