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