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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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Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export ...
Thursday, 05 August 10
DRY BULK LOOKING TO CHINA FOR A NEW RALLY, BUT INDIA COULD BE THIS YEAR'S SURPRISE
The dry bulk market’s rebound has hit a “wall” this week, with the industry’s benchmark, the BDI (Baltic Dry Index) ending i ...
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- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
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