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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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Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
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, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
Monday, 13 September 10
CIL IN TALKS WITH SHIPPING CORP TO FORM JV FOR COAL IMPORTS
Shipping Corporation of India, the largest domestic shipping liner, may form a joint venture with Coal India for coal imports, a top company officia ...
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- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Planning Commission, India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
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