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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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Saturday, 09 October 10
9TH ASIA PACIFIC MINING CONFERENCE & EXHIBITION 13 14 OCTOBER 2010 AT SHANGRI-LA HOTEL, JAKARTA.
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Saturday, 09 October 10
SAIL SEEKS LONG-TERM COKING COAL SUPPLY FROM GLOBAL COMPANIES - BUSINESS STANDARD
State-owned Steel Authority of India (SAIL) Friday invited bids from global companies for long-term supply of coking coal to feed its expanding stee ...
Friday, 08 October 10
INVESTORS STILL RELUCTANT TO ENTER DOWNSTREAM INDUSTRIES - THE JAKARTA POST
The Jakarta Post reported that, mining companies are showing a low level of enthusiasm to enter the downstream industries, as required by the 2009 M ...
Friday, 08 October 10
VESSEL OWNERS ARE RELUCTANT FOR INDONESIA TO INDIA COAL TRIPS - FEARNBULK
Handy
Last week ended with a flourish of activity as the Chinese tried to fix any prompt vessels before the Golden week festivities, and since the ...
Thursday, 07 October 10
MIRACH ENERGY GAINS RIGHTS TO EAST KALIMANTAN COAL MINE - THE EDGE SINGAPORE
The Edge Singapore reported that, Mirach Energy says it has gained the rights to produce and sell coal in an open-pit coal mine in Samarinda, the ca ...
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- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Australian Coal Association
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Economic Council, Georgia
- Edison Trading Spa - Italy
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
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