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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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Saturday, 09 October 10
9TH ASIA PACIFIC MINING CONFERENCE & EXHIBITION 13 14 OCTOBER 2010 AT SHANGRI-LA HOTEL, JAKARTA.
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Saturday, 09 October 10
SAIL SEEKS LONG-TERM COKING COAL SUPPLY FROM GLOBAL COMPANIES - BUSINESS STANDARD
State-owned Steel Authority of India (SAIL) Friday invited bids from global companies for long-term supply of coking coal to feed its expanding stee ...
Friday, 08 October 10
INVESTORS STILL RELUCTANT TO ENTER DOWNSTREAM INDUSTRIES - THE JAKARTA POST
The Jakarta Post reported that, mining companies are showing a low level of enthusiasm to enter the downstream industries, as required by the 2009 M ...
Friday, 08 October 10
VESSEL OWNERS ARE RELUCTANT FOR INDONESIA TO INDIA COAL TRIPS - FEARNBULK
Handy
Last week ended with a flourish of activity as the Chinese tried to fix any prompt vessels before the Golden week festivities, and since the ...
Thursday, 07 October 10
MIRACH ENERGY GAINS RIGHTS TO EAST KALIMANTAN COAL MINE - THE EDGE SINGAPORE
The Edge Singapore reported that, Mirach Energy says it has gained the rights to produce and sell coal in an open-pit coal mine in Samarinda, the ca ...
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- Minerals Council of Australia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
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