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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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- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- White Energy Company Limited
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
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