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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, 24 December 10
DRY BULK OWNERS COULD SOON RECONSIDER SCRAPPING OLDER VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bi ...
Thursday, 23 December 10
SOUTHGOBI RESOURCES CLOSES STRATEGIC INVESTMENT IN ASPIRE MINING LIMITED
Press Release – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878), announced today that it has completed the private placement with Aspire Mining ...
Thursday, 23 December 10
CESC EYES COAL MINES IN INDONESIA, S AFRICA - TEHELKA
Company has already set a target of adding 6,000 MW power generation by the end of the 12th Plan in 2017
Tehelka reported that, CESC Ltd, the fla ...
Thursday, 23 December 10
SANTA CLAUSE DID NOT COME EARLY THIS YEAR - FEARNBULK
Handy
Not much fresh enquiry this week and quite dead in Bl.Sea/Med. Nevertheless ...
Thursday, 23 December 10
STERLITE ENERGY LIMITED TO BUY 0.6 MLN MT OF COAL FOR 2011
COALspot.com - Sterlite Energy Limited (SEL) is a part of Vedanta Resources plc , a London listed FTSE 100 diversified metals and mining major with ...
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- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
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- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
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- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Minerals Council of Australia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
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