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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, 30 September 10
INDONESIAN COAL FOR POWER PLANT - LANKA GAZETTE
Lanka Gazette reported that, A cargo vessel with coal on board to generate electricity for the Norochcholai Coal Power Plant will arrive in Sri Lank ...
Thursday, 30 September 10
DRY BULK MARKET HEADS SOUTH ONCE MORE WITH MARKET SENTIMENT TAKING A CAUTIOUS APPROACH - HELLENIC SHIPPING
The dry bulk market didn’t manage to maintain the slightly upward momentum it had established during the first two session of the week, with t ...
Wednesday, 29 September 10
MOZAMBIQUE: COAL IN THREE MORE TETE DISTRICTS
All africa reported that, Coal deposits have been confirmed in the districts of Changara, Cahora Bassa and Magoe, in the western Mozambican province ...
Tuesday, 28 September 10
MMTC TO AWARD CONTRACT TO CEPL AND KNOWLEDGE TO SUPPLY 0.835 MILLION TONS OF IMPORTED COAL
COALspot.com: MMTC, India’s state owned trading company has opened three coal purchase tenders today.
According to our market sources, Coas ...
Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, ...
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- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Australian Coal Association
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- PTC India Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Economic Council, Georgia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
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