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Wednesday, 22 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
 The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previous week, a pattern noted on Monday as well. The main reason for this was the significant decrease in iron ore fixtures. Yesterday, the BDI ended down by 48 points to 2628, while the capesize segment, which traditionally is serving the iron ore market, was down by 92 points to 3389. According to the latest weekly report by Commodore Research, 24 ore fixtures were reported last week, a decline from 33 ore fixtures of the previous week. “Only 12 of last week’s ore fixtures were for capesize vessels, a decline from 24 capesize vessels chartered to haul iron ore during the previous week. Demand for panamax vessels remained firm due to strong demand for coal from Asian importers, but panamax rates came under a large amount of pressure due to the sudden turn in sentiment (discussed in more detail below). Rates for supramax and handysize vessels were able to hold steady due to solid demand for grain and minor bulk cargo” said Commodore.
In terms of spot charter activity, a total of 120 trips were reported (8 less than the previous week), while an additional 17 period fixtures (14 less than the week before) also came to show how much smaller was cargo demand. According to the report, “last week’s sharp decline in period chartering activity is a clear indication of sentiment turning negative due to the Chinese government’s decision to restrict power allocation to steel mills. The 17 period fixtures were down sharply from the trailing four week average of 32 fixtures”. Commenting on the current state of the market, Commodore said the following: “total spot chartering activity remained firm last week despite a decrease in iron ore fixtures. Capesize freight rates are being affected by restrictions in China that have reduced electricity allocation to steel mills. Panamax rates have been partially affected by these restrictions as well, with negative sentiment caused by the restrictions being a factor behind their recent decline. A large amount of panamax vessels continue to be chartered to export coal to Asian buyers however. A higher than usual amount of panamaxes have also been chartered to haul iron ore.
Sentiment has turned negative. Last week’s 17 period fixtures were the lowest amount of weekly period fixtures reported since the week ending July 16. At that time, spot rates were near 2010 lows. Market players have been spooked by the recent decision by the Chinese government to reduce electricity allocation to Chinese steel mills. Their fears are certainly warranted. It remains to be seen how much and how long Chinese steel production will be affected by the electricity restrictions. The restrictions will continue to represent a significant threat to near-term dry bulk freight rates” concluded the report.
Meanwhile, in a separate report by Golden Destiny on the sale and purchase front, it was noted that newbuilding activity rose by 61.2% on a week-to-week basis. As a result of the BDI negative territory, just six dry bulk carriers reportedly changed hands, a weekly drop of 50%. In total the week ended with “15 vessels reported to have changed hands equalling a total amount of money invested around $181,250,000, two secondhand transactions reported on private terms. In the demolition market, 7 vessels have been headed to the scrap yards of total deadweight 236,806 tons, while in 2009 3 vessels reported for scrap indicating a positive yearly change of around 133%.The highest activity has been recorded once again in the newbuilding market with 50 vessels reported to have been ordered equalling a total deadweight around 1,868,755 tons, while at similar week of 2009 only 2 orders have been reported in the offshore sector. In terms of reported number of transactions, the bulk carrier sector domains in the newbulidng business holding around a 52% share of the market with kamsarmax being the most popular vessel type. The Greek presence has calmed down significantly this week in the secondhand market as only 1 transaction reported in the bulk carrier sector equalling a total amount invested around US$ 22,000,000 while the investments of Greeks in the newbuilding sector continue with a remarkable post panamax order in the container sector. In total, 7 units have been ordered by Greeks equalling a total invested capital around US$ 304,978,000, two new building transactions reported on private terms” the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 20 September 10
MMTC SEEKS TO BUY 1.3 MT OF COAL FOR INDIA UTILITIES - SXCOAL
MMTC Ltd., India’s largest state- owned trading company, is seeking bids for the supply of 1.3 million tonnes of coal to feed power plants run ...
Monday, 20 September 10
KANGAROO RESOURCES SIGNS PARTNERSHIP WITH ASEAMCO FOR INDONESIAN COAL ASSETS - PROACTIVE INVESTORS
International coal producer Kangaroo Resources (ASX: KRL) has completed a new three-year agreement with Australian mining consultants ASEAMCO to del ...
Monday, 20 September 10
ICVL LOOKS FOR COAL ASSETS IN UZBEK, INDONESIA, AUSTRALIA - ECONOMIC TIMES
Economic Times reported that, International Coal Ventures, or ICVL, the special purpose vehicle floated by five state-owned firms to scout for coal ...
Monday, 20 September 10
IRON-ORE SHIPPING DEMAND MAY GAIN ONCE CHINA STEEL CUTS FINISH, SSY SAYS
Demand to transport iron ore may rebound once China ends steel-production cuts and steel prices may gain in the next several months because of the r ...
Saturday, 18 September 10
ECI / CHINA FREIGHT ROUTE DOWN BY 1.22 PCT OR US$ 225 PER DAY AND CLOSED AT US$ 18,123 PER DAY - VISTAAR
COALspot.com: The BDI was under pressure this week and was almost down by 11 pct and closed at 2676 points.
The Cape and Panamax index was almost ...
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- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
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