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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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Wednesday, 22 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previou ...
Monday, 20 September 10
MMTC SEEKS TO BUY 1.3 MT OF COAL FOR INDIA UTILITIES - SXCOAL
MMTC Ltd., India’s largest state- owned trading company, is seeking bids for the supply of 1.3 million tonnes of coal to feed power plants run ...
Monday, 20 September 10
KANGAROO RESOURCES SIGNS PARTNERSHIP WITH ASEAMCO FOR INDONESIAN COAL ASSETS - PROACTIVE INVESTORS
International coal producer Kangaroo Resources (ASX: KRL) has completed a new three-year agreement with Australian mining consultants ASEAMCO to del ...
Monday, 20 September 10
ICVL LOOKS FOR COAL ASSETS IN UZBEK, INDONESIA, AUSTRALIA - ECONOMIC TIMES
Economic Times reported that, International Coal Ventures, or ICVL, the special purpose vehicle floated by five state-owned firms to scout for coal ...
Monday, 20 September 10
IRON-ORE SHIPPING DEMAND MAY GAIN ONCE CHINA STEEL CUTS FINISH, SSY SAYS
Demand to transport iron ore may rebound once China ends steel-production cuts and steel prices may gain in the next several months because of the r ...
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- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Planning Commission, India
- VISA Power Limited - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
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