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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, 04 August 10
MALAYSIA'S AGATE GROUP TIES UP WITH INDIA'S ECOGREEN TO DEVELOP COAL BUSINESS
COALspot.com: "Malaysian based AGATE Group had entered into an agreement with India's EcoGreen to jointly develop coal business in India ...
Wednesday, 04 August 10
ADARO PRODUCED 21.62 MILLION TONS OF COAL IN 1H 2010
COALspot.com: “Adaro Energy’s production volume during the second quarter of 2010 was 10.26 million tones and for the first half of 2010 ...
Wednesday, 04 August 10
CIL TO TAKE UP NEW PROJECT TO MEET INCREASED DEMAND OF COAL
As part of Annual Plan 2010-11, Planning Commission has projected all India demand of coal 656.31 Million Tonnes against which the indigenous supply ...
Tuesday, 03 August 10
INDONESIA CONSIDERING RUPIAH DENOMINATION
The jakarta post reportd that, the central bank is deliberating a potential Rupiah denomination in light of decreasing exchange rate valuations agai ...
Monday, 02 August 10
DRY BULK MARKET NEEDS TO FIND ADDITIONAL SUPPORT IN AUGUST
The dry bulk market ended another week of rebounding, posting on Friday its 11th straight rise. Still, as analysts point out the rate of this rise h ...
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- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
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