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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, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
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- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
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