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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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Monday, 13 December 10
ICE FUTURES EUROPE TO LAUNCH IHS MCCLOSKEY INDONESIAN SUB-BITUMINOUS FOB MARKER COAL CONTRACTS - MONDOVISIONE
Mondovisione reported that, IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over ...
Monday, 13 December 10
NALCO TO START WORK ON RS 18K CR ($ 4,010,695,091) INDONESIAN PROJECT BY JUNE - MSN
MSN reported that, State-owned NALCO today said it has selected UAE-based RAK Minerals as JV partner for its Rs 18,000 crore (US$ 4,010,695,091 ...
Monday, 13 December 10
DEUTSCHE BANK RAISES COAL FORECASTS ON MARKET SHORTAGE - BLOOMBERG
Deutsche Bank AG raised price forecasts for thermal coal by as much as 17 percent on expectations that a shortage of the fuel will widen over the ne ...
Monday, 13 December 10
K SERA SERA TO SPEND RS325CR TO BUY COAL,OIL & GAS FIRMS STAKE - LIVE MINT
The company might have to dole out around Rs 225 crore (US$ 50,122,522) for picking up the majority stake in the coal mine in Indonesia and around R ...
Thursday, 09 December 10
OVERSUPPLY OF SHIPS BOUND TO KEEP DRY BULK FREIGHT RATES SUBDUED DURING 2011 SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
An oversupply of vessels is expected to keep freight rates from flying as high as in recent years said a relative shipping report from BIMCO’s ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
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