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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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Wednesday, 22 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previou ...
Monday, 20 September 10
MMTC SEEKS TO BUY 1.3 MT OF COAL FOR INDIA UTILITIES - SXCOAL
MMTC Ltd., India’s largest state- owned trading company, is seeking bids for the supply of 1.3 million tonnes of coal to feed power plants run ...
Monday, 20 September 10
KANGAROO RESOURCES SIGNS PARTNERSHIP WITH ASEAMCO FOR INDONESIAN COAL ASSETS - PROACTIVE INVESTORS
International coal producer Kangaroo Resources (ASX: KRL) has completed a new three-year agreement with Australian mining consultants ASEAMCO to del ...
Monday, 20 September 10
ICVL LOOKS FOR COAL ASSETS IN UZBEK, INDONESIA, AUSTRALIA - ECONOMIC TIMES
Economic Times reported that, International Coal Ventures, or ICVL, the special purpose vehicle floated by five state-owned firms to scout for coal ...
Monday, 20 September 10
IRON-ORE SHIPPING DEMAND MAY GAIN ONCE CHINA STEEL CUTS FINISH, SSY SAYS
Demand to transport iron ore may rebound once China ends steel-production cuts and steel prices may gain in the next several months because of the r ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
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