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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, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry ...
Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
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- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Australian Coal Association
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
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