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Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
 Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, the industry’s benchmark, the Baltic Dry Index (BDI) managed to post a healthy increase over the previous weeks. Still, Monday broke the 10-session straight increases, with the index falling by 19 points back at 2,976, with little activity in the market and small declines across most market segments. According to the latest weekly report from Commodore Research, dry bulk freight rates found continued support last week on the strength of robust spot chartering activity. Panamax rates found the most amount of support due to very firm thermal coal demand, with Chinese coal buyers chartering a large number of vessels. Chinese electricity output continues to struggle to satisfy demand, which has resulted in the government reducing power allocation to steel mills.
“Despite mills receiving less electricity, iron ore demand, particularly in China, remains robust. 33 ore fixtures were reported last week, an increase from 19 ore fixtures reported during the previous week. 24 of last week’s ore fixtures were for capesize vessels, an increase from 14 capesize ore fixtures reported during the previous week. Grain demand has also stayed firm which has contributed to panamax and supramax rates finding support.128 spot trip fixtures (53 more the previous week which had one less day of chartering activity) and 31 period fixtures (3 less than the previous week) were reported last week. Nine of the period deals were for a year or more” the report said.
It went on to state that Panamax vessels have been chartered en masse to export coal and grain, with a larger than usual amount of vessels chartered to haul cargo from the US Gulf. Rates for the smaller vessel classes have also found support on the strength of firm grain demand. Firm demand for minor bulk (including bauxite and alumina) has also given support to rates for smaller vessels. Chinese ore demand was extremely strong last week, even while reports have been surfacing that the Chinese government is beginning to reduce power allocation to steel mills (discussed in greater detail below and on page 3). Capesize rates were able to find continued support as a large number of Australian and Brazilian iron ore shipments were chartered in the market last week. It is worth pointing out, however, that a larger than usual amount of Indian iron ore fixtures were also reported as India’s monsoon season is coming to an end. Most of the Indian ore fixtures were for supramaxes” Commodore said.
But, the dry bulk market could be in for a surprise going forward chartering activity must remain at current levels for dry bulk rates to find greater support. According to Commodore, the Chinese government’s decision to reduce electricity allocation to steel mills, however, represents a great threat to near-term dry bulk rates – especially capesize rates. Chinese steel demand has remained firm recently, with crude steel output in August estimated at 51.64 million tons - a decline of just 100,000 tons from production in July. So far this year, monthly Chinese crude steel output has averaged 53.33mt, an increase of 6.09mt (13%) from 2009’s monthly average of 47.24mt. It remains to be seen just how much China’s steel production will be affected by the electricity allocation restrictions. With steel prices rising and Chinese steel stockpiles continuing to decline, China’s steel mills will be disinclined to lower production. Some reports suggest that a few steel mills are using diesel-powered generators to generate additional electricity for their blast furnaces. Other reports suggest that the government penalties on using too much electricity are not high enough to truly stop mills from using large amounts of electricity. We will continue to monitor this development closely, as there is certainly potential for a decline in steel output. Based on last week’s level of Chinese iron ore fixtures, however, Chinese steel and iron ore demand remain firm” Commodore’s report concludes.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 15 October 10
VALUE ADDED TAX FOR COAL TO RE-INTRODUCE IN INDONESIA
COALspot.com: Indonesian government is drafting a ministerial decree to re-introduce value added tax for coal and mineral. Coalindo weekly news lett ...
Thursday, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
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- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
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- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
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- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
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- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
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- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
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- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
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- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
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- Romanian Commodities Exchange
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- White Energy Company Limited
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- Semirara Mining Corp, Philippines
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- India Bulls Power Limited - India
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- Indonesian Coal Mining Association
- MS Steel International - UAE
- Deloitte Consulting - India
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- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
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- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
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- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
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- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
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- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- London Commodity Brokers - England
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- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
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- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
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- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
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- PTC India Limited - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
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- Australian Coal Association
- Banpu Public Company Limited - Thailand
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- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
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