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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, 07 January 11
SRI LANKA NEW PORT TO OFFER SHIP FUEL IN MAY - LBO
LOB reported that, The Sri Lanka Ports Authority (SLPA) plans to start bunkering or ship fuel operations at a new port in southern Hambantota in May ...
Friday, 07 January 11
DRY BULK MARKET ON A FREEFALL, AS THE NEW YEAR EARLY DAYS DONT BRING MANY CHEERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is facing its worst slump in more than two years, falling by 4.75% yesterday to reach 1,544 points, on top of an additional 4.2% ...
Thursday, 06 January 11
OVERSEAS & GENERAL SIGNS AGREEMENT TO EXPAND FOOTPRINT ON COAL LEASE IN INDONESIA - PROACTIVE INVESTORS
Proactive Investors reported that, Overseas & General (ASX: OGL) has entered into a joint operating agreement on the Jambi Coal Lease in Sumatra ...
Thursday, 06 January 11
BANPU EXPECTS ROSY 2011 AS COAL PRICES SKYROCKET - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, expects minimal impact from the production stoppage at its Daning mine in China ...
Thursday, 06 January 11
COKING COAL CONTRACT PRICE MAY RISE 33% ON AUSTRALIAN FLOODS - BLOOMBERG
Bloomberg reported that, Steelmakers in Asia may be forced to pay as much as 33 percent more for hard coking coal after the worst floods in 50 years ...
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- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- The University of Queensland
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
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