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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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Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
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- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
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