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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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Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
COALspot.com: The BDI continued to rise this week by 11.67 pct with the other sectors also keeping the moment. The cape size index also was up by 11 ...
Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
ASEAN Federation of Mining Association (AFMA), an association of mining groups in Southeast Asia, will hold the 9th Asia Pacific Mining Conference a ...
Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
Friday, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
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- Karaikal Port Pvt Ltd - India
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- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- The University of Queensland
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
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- Siam City Cement - Thailand
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- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Planning Commission, India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- White Energy Company Limited
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
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- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
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- Global Business Power Corporation, Philippines
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- GVK Power & Infra Limited - India
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