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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, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
Monday, 13 September 10
CIL IN TALKS WITH SHIPPING CORP TO FORM JV FOR COAL IMPORTS
Shipping Corporation of India, the largest domestic shipping liner, may form a joint venture with Coal India for coal imports, a top company officia ...
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- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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