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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, 02 August 10
LINC, ADANI COMPLETE THEIR COAL CONNECTION
"THE much-speculated deal between underground coal gasification company Linc Energy and India's Adani Enterprises is set to be signed tomorrow ...
Saturday, 31 July 10
TABONEO ANCHORAGE TO LOAD 1.5 MLN TON OR MORE COAL IN H1 AUGUST
COALspot.com: Eighty five ocean going vessels and barges have been nominated by coal buyers to their respective suppliers in Indonesia to load about ...
Saturday, 31 July 10
SEEMS THE FREIGHT MARKET WOULD BE FAIRLY STABLE FOR H2 2010 - VISTAAR
COALspot.com: The BDI continued moving up since 16th July and rise by 14 pct almost touching 2000 points.
The BDI was up by 7.72 pct last week wh ...
Friday, 30 July 10
DRY BULK MARKET BACK ON THE ROAD TO RECOVERY
Freight rates for dry bulk carriers have continued to edge higher this week, with the industry’s main benchmark, the Baltic Dry Index (BDI) ga ...
Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
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- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
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- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
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- Romanian Commodities Exchange
- Baramulti Group, Indonesia
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- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Australian Coal Association
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- Commonwealth Bank - Australia
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- London Commodity Brokers - England
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- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
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- PTC India Limited - India
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- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
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- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
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- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
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- Mercator Lines Limited - India
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- Kobexindo Tractors - Indoneisa
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- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- MS Steel International - UAE
- SMC Global Power, Philippines
- The University of Queensland
- Siam City Cement - Thailand
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- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
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- Indonesian Coal Mining Association
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- Chamber of Mines of South Africa
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- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
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- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
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- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
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- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
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- Independent Power Producers Association of India
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- Bhoruka Overseas - Indonesia
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- Xindia Steels Limited - India
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- Gujarat Mineral Development Corp Ltd - India
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- Minerals Council of Australia
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- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Planning Commission, India
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- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
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- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
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- Economic Council, Georgia
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