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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, 02 September 10
PLN ASKED TO USE LOCAL COAL
Tempo Interactive reportd that, the Indonesian Mining Association Executive Director, Priyo Pribadi, has called on the state-run electricity company ...
Thursday, 02 September 10
NALCO OPEN TO EQUITY DILUTION IN $3.9 BN PROJECT IN INDONESIA
Business-Standard reported that, state-owned Nalco today said it is considering selling stake in its $3.9 billion (over Rs 18,000 crore) aluminium p ...
Thursday, 02 September 10
DRY BULK MARKET GAINS MOMENTUM TO INCREASE, WITH CHINA ONCE AGAIN TO THE RESCUE
With predictions from Chinese officials stating that the country’s iron ore imports during 2010 could surpass the record amounts of 2009, the ...
Wednesday, 01 September 10
STC BAGS NTPC ORDER TO SHIP 12 MT COAL
My Digital FC reported that, The State Trading Corporation (STC) has bagged NTPC’s tender to ship 12 million tonnes coal from Ind&sh ...
Wednesday, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
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- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
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