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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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Thursday, 30 September 10
INDONESIAN COAL FOR POWER PLANT - LANKA GAZETTE
Lanka Gazette reported that, A cargo vessel with coal on board to generate electricity for the Norochcholai Coal Power Plant will arrive in Sri Lank ...
Thursday, 30 September 10
DRY BULK MARKET HEADS SOUTH ONCE MORE WITH MARKET SENTIMENT TAKING A CAUTIOUS APPROACH - HELLENIC SHIPPING
The dry bulk market didn’t manage to maintain the slightly upward momentum it had established during the first two session of the week, with t ...
Wednesday, 29 September 10
MOZAMBIQUE: COAL IN THREE MORE TETE DISTRICTS
All africa reported that, Coal deposits have been confirmed in the districts of Changara, Cahora Bassa and Magoe, in the western Mozambican province ...
Tuesday, 28 September 10
MMTC TO AWARD CONTRACT TO CEPL AND KNOWLEDGE TO SUPPLY 0.835 MILLION TONS OF IMPORTED COAL
COALspot.com: MMTC, India’s state owned trading company has opened three coal purchase tenders today.
According to our market sources, Coas ...
Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, ...
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- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- The University of Queensland
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
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