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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, 25 August 10
GOVT SHOULD ALLOW DUTY-FREE IMPORT OF THERMAL COAL: ASSOCHAM
Industry body Assocham Wednesday said the government should allow duty free import of thermal coal to bring down power tariffs in the country.
&q ...
Wednesday, 25 August 10
INDIAS ADANI GROUP TO BUILD COAL RAILWAY IN INDONESIA
COALspot.com: India’s Adani Group, Indonesia’s state coal producer PT Tambang Batubara Bukit Asam (PTBA), and the South Sumatra provinci ...
Wednesday, 25 August 10
CME GROUP WILL LAUNCH NEW COAL CONTRACTS
Press Release: CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing ser ...
Tuesday, 24 August 10
INDIA IMPORTS 1.3 MILLION TONS COAL LAST WEEK
COALspot.com: India has imported 1.3 million tons of non - Coking coal and 468,229 Mt of coking coal for the period 16 - 22 August 2010 ...
Monday, 23 August 10
COAL FOR FAST-TRACK PROGRAM ASSURED
Antara and the Jakarta globe reported that, the coal supply for the government’s 10,000 megawatt “fast- track” program was assured ...
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- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
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