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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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Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterer ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
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- Wood Mackenzie - Singapore
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- Kideco Jaya Agung - Indonesia
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- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
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- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
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- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
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- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
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- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
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- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
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- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
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- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
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- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
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- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
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