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Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
 The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, had a negative impact on chartering activity. As a result freight rates came under further pressure, with iron ore fixtures posting a continued decline and overall spot chartering activity also facing decreases.
According to the latest weekly report issued by Commodore Research, “iron ore fixtures remain relatively low due to the ongoing restrictions on electricity allocation to Chinese steel mills. Overall chartering activity also came under pressure last week due to holidays in Asia. 19 iron ore fixtures were reported last week, a decrease from 24 iron ore fixtures reported during the previous week. 15 of last week’s iron ore fixtures were for capesize vessels, an increase from 12 capesize vessels chartered to haul ore during the previous week. Global coal and grain demand have remained moderate but have not been robust enough to stem the fall in spot freight rates” the report said.
As a result of this negative trend, Capesize rates are currently averaging $29,002/day, a decrease of $4,810 (-14%) from a week ago. Panamax rates are now averaging $21,840/day, a decrease of $1,685 (-7%). Supramax rates are averaging $19,644/day, a decrease of $1,397 (-7%). Handysize rates are averaging $15,666/day, a decrease of $298 (-2%).
At the same time period chartering activity also remained subdued, with 92 spot trip fixtures (28 less than the previous week) and 16 period fixtures (1 less than the previous week) were reported last week. Commodore said that none of the period deals were for a year or more. “Sentiment remains somewhat negative due to the going electricity restrictions to steel mills in China. Last week marked the first time in eleven weeks that no period deals for a year or more were reported. At that time, sentiment was very negative due to spot freight rates approaching 2010 lows.
The report mentioned that “market players remain spooked by the recent decision by the Chinese government to reduce electricity allocation to Chinese steel mills - but so far Chinese steel production has reportedly only decreased by 2%. The electricity restrictions will continue to represent a significant threat to near-term dry bulk freight rates, however, and must continue to be monitored extremely closely. Several analysts have forecast that Chinese steel output will decline by as much as 10% due to the ongoing electricity restrictions.
Based on August’s 51.64 million tons of crude steel production, this would put post-restriction monthly output at approximately 46.5mt, an amount not seen since May 2009. We continue to anticipate that Chinese steel demand will exceed most expectations. Chinese stockpiles have remained steady in recent weeks and there is little reason to believe that immediate steel demand has significantly decreased. We expect Chinese steel production to range between 48 to 49mt of crude steel in September and October.
The Chinese government cannot afford to have steel prices surge due to an artificial restraint on supply. Inflation is already a growing concern in China. The National Development and Reform Commission has also criticized the electricity allocation restrictions” concluded Commodore.
In terms of the secondhand and demolition activity of the past week, shipbroker Golden Destiny said that in total there were 39 sales reported. The activity was high at both the S&P and the newbuilding market with 32 & 34 orders reported in total respectively. “The secondhand market has been marked with a 100% positive yearly change with 32 vessels reported to have changed hands this week equalling a total amount of money invested more than US$796,800,000, since in 9 transactions the price hasn’t been disclosed. In the demolition market, 7 vessels have been headed to the scrap yards of total deadweight 218,513 tons, while in 2009 14 vessels reported for scrap indicating a negative yearly change of 100%. In the newbuilding market, 34 vessels reported to have been ordered equalling a total deadweight around 1,683,000 tons. The dry sector has held the largest share of newbuilding contracts, equalling a total deadweight of 1,076,000 tons, with orders from kamsarmaxes, panamaxes & supramaxes being the most popular vessel types. The Greek presence has been noticed this week only in the secondhand market with 6 transactions, two in the in the post panamax bulkcarrier sector and four in the small panamax container sector. The cumulative amount invested by Greek investors in the secondhand market can be calculated only by the bulkcarrier acquisitions around $ 82,000,000, since the price of the Container enbloc transaction has not been disclosed” concluded the report.
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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- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
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