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Thursday, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry bulk carriers to new multi-month lows. As a result, the Baltic Dry Index fell further yesterday to just 1,453 points, losing 1.82% on the day, while the suffering Capesize segment retreated by a further 4.77%.
The BDI has now recorded 21 straight losing sessions, losing almost 34% of its value. According to calculations from John Cotzias, head of N.Cotzias Shipping Group, in 58 sessions spanning at just less of three months, there have been only 10 days, during which the index was positive.
“The Cape index is counting 12 falling days and has overall lost in this period close to 40% of its volume. BDI is currently below levels of 5 Feb 2009 when the index was rising” said Mr. Cotzias. The market hasn’t seen such low levels since November of 2002, except of course the October 2008 market crash.
In a separate analysis, BIMCO’s shipping analyst Peter Sand said that all in all – the worst flooding in Queensland for more than 50 years “is not only bad for Australia, it's also bad for shipping as volumes on coal and iron ore go down considerably - and more vessels are free on the market putting pressure on the spot market for vessels. Average Capesize time charter rate that has been falling since end of November is now down at USD 11,266 per day trading lower every day” said Sand. He went on to state that iron ore which is exported out of West Australia is not directly affected yet even though that area has received much rain also. Lower steel production and thus also lower seaborne volumes of the two key dry bulk commodities is set to impact the market negatively over the next months. Australia is the world's largest overall coal exporter ,No. 2 in thermal coal exports after Indonesia but second to none in coking coal exports. Australia is key global coking coal supplier accounting for 60% of global seaborne exports. Within thermal coal Australia accounts for 20%. Thermal coal is used for power generation and heating, while coking coal is used in the production steel. As we have already seen, coal customers will try to find other ways to satisfy their demand for thermal coal but the real trouble is coking coal - as it is very hard to get from elsewhere. Shortage of Australian coking coal means that the worlds steel producers, primarily located in Asia, can be forced to cut the production of steel and with it also the demand for iron ore. ”A slowdown in steel production and iron ore demand is toxic to dry bulk shipping in general and for the larger vessels, Capesize and Panamax in particular. The iron ore contract prices for Q1-2011 have already been set at 7% higher than the previous quarter - but spot iron ore prices can still fluctuate and will move south on lower demand. China imports 40-50% of its coking coal from Australia. Japan, the world’s largest coking coal importer is heavily impacted also. The flooding may see contract prices for coking coal hiking significantly due to spot prices going sharply up as a result of the tight market. A part of the mechanism behind the contract prices is the spot price development. This may result in coking coal prices moving from USD 225 per tonnes in Q1-2011 up to USD 270-300 per tonnes according to several commodity analysts.
When the mines call force majeure - the steel mills must go to the spot market for coking coal - at a much higher price than the contract price for this important steel production ingredient - if they can get it at all. Alternative sources of coking coal are the US and Canada but reports are that the tight market has impacted prices also there, leading to higher commodity prices. So if coking coal spot goes up on tight supply - iron ore spot price can go down as a consequence of lower demand. A price hike in coking coal will increase the
production cost for steel - in a market already running on low margins” said BIMCO’s analyst.
So where will it go from here? “It is a string of events that cause shipping demand out of Australia to go down. Moreover the market place is plentifully supplied with tonnage so the fact that some of the commodities will be supplied from sources further away will only have very limited impact on the market. The first quarter of 2011 - do not hold great prospects for the dry bulk market - mainly because the oversupply of vessels is getting too heavy even for the "normal" inefficiencies of the market to make impact on the freight rates. The Australian situation is set to affect the market for at least a of couple months - meaning that the situation outlined above will stay a drag on the overall market and freight rates for some time” concluded Sand.
Talking about the potential overcapacity, Cotzias said that there is a total of over 3,500 dry bulk carriers on order pending until 2014 of a total of 250 million tons dwt. “These orders are split chronologically as follows: 1,854 ships are due for 2011 making up a total of 128 mil dwt, 1,106 ships due in 2012 of 87 mil dwt and 360 ships of 30 mil dwt due for 2013-2014. In total there is a massive orderbook only on the Bulkers section and we should not understate the fact that 2011 faces us with more than 55% of the total orderbook and that we should also include in this 114 orders of 4mil dwt that are “carried forward” from 2010”.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 04 January 11
DRY BULK MARKET TO RANGE BETWEEN 1,700 AND 2,600 POINTS IN THE FIRST QUARTER OF 2011, ANALYSTS SAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As we entered 2011, ship owners and analysts, as well as shipbrokers are looking into their “crystal balls” to try to decode the dry bul ...
Monday, 03 January 11
TAXATION FOR COAL MINING COMPANIES IN INDONESIA - A TAX EXPERTS VIEW
COALspot.com - Mrs. Sri Wahyuni Sujono, managing partner of SF Consulting has wrote an exclusive report regarding taxation for coal mining companies ...
Sunday, 02 January 11
JAISWAL TO SEEK COAL MINES IN AFRICA - HINDUSTAN TIMES
Coal Minister Sriprakash Jaiswal will talk with his counterparts in South Africa and Mozambique during his visit from January 5 to secure coal asset ...
Saturday, 01 January 11
COAL PRODUCTION EXPECTED TO EXCEED 340 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce 340 million tons of coal in 2011, an increase of 23 percent from 275 millio ...
Friday, 31 December 10
STC TO FINALIZE 12 MILLION MT OF COAL IMPORT CONTRACT TO TWO INDIAN AND A DUBAI BASED COAL TRADER - SOURCES
COALspot.com - World's single largest coal import tender floated by STC on behalf of state utility NTPC to finalize its suppliers or already finali ...
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- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
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