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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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- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
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