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Thursday, 07 April 11
DRY BULK MARKET PLUNGING EVEN FURTHER ON LOW CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has continued its falling pattern this week, with every day proving to be painful for ship owners, especially those of the larger ship types. Yesterday, the industry’s benchmark, the Baltic Dry Index (BDI) fell to 1,430 points, down by 2.19% on the day, with Capesizes leading the fall. The Capesize Index retreated by another 3.13 percent to just 1,674 points and as a result daily rates are again closely flirting with break-even levels. The Panamax segment also lost further ground ending the session down by 2.77% to 1,788 points, still well above the larger Capesize ships, in a market’s paradox that lately has proven to be the norm.
According to ICAP Shipping’s first quarter review of the dry bulk market, on the demand side most notable was the massive change in China’s imports of iron ore between January and February which collapsed from 68 Mt to 48 Mt and when this was combined with the 10 Mt fall in the country’s coal imports also in February the resulting 30 Mt drop exceeds anything that was seen even at the time of the freight market collapse in 2009. “Despite this string of exceptional events the freight market has responded calmly and efficiently and will no doubt continue to do so throughout the next three months” ICAP Shipping said.
Indeed, the BDI has lost over 10 percent from the start of the year, which could have been worse, given the circumstances, like the ever so increasing ship supply and the natural disasters in Australia and more recently in Japan. "At the moment the volumes out of Australia and Brazil are disappointing," said Georgi Slavov, head of dry research and structured products at ICAP Shipping, in a quote from Reuters. He went on to say that the volumes of exported (Australian) coal are still 30 to 40 percent below where they should be at this time of year. As a result, the coal price is obviously going up and therefore the Chinese are not buying -- it's a chain reaction that is hitting the market, Slavov mentioned. According to him, Japanese coal imports won’t pick up until May.
In a separate weekly report released from Fearnley’s, it said that in the Capesize market, it’s been a quiet start to the week with holidays in India and China, resulting in a wait and see attitude among owners and charters. West Australia/China rates were in the high 7s, presently usd 7.50 pmt. Of period fixtures in the east, a couple were done at usd 16k levels for 11-13 months, with profit sharing. The fronthaul activity remains inactive.
Regarding the Panamax segment, “activity remained slow in the Atlantic basin, rates still sliding downwards with limited new business and more open tonnage around. Limited trade for the Pacific, mostly due to Chinese holidays Monday and Tuesday. T/A rounds dropped to 14-14.5k this week. In the Pacific, very little reported, though some rounds done at around 14.5 level as well. Fronthaul still fairly healthy at 25k level. With grain season coming to an end, expectations for next month are rather weak. Although forward market flat to slowly down, perhaps more activity for iore export from India after release of export ban and from Brazil in 3Q will stabilize the market. Period market hardly viable this week; 2 years done at 15500 and short period even less” said the shipbroker.
As for the smaller ship types, it argued about slowly softening rates as more tonnage is accumulating in the Atlantic basin .”The trans-Atlantic round is around $15k pd with trips to the Far East at around $30k pd. USG/NCSA are active (mainly petcoke) whilst the Continent/E.Med/B.Sea lack volume and rates are under pressure. Outlook: softer. In the Pacific, quiet market due to holidays in China. For Indo-India, charterers holding on unless have spot cargo. Rates sliding now and Supras in North China are getting close to 14k for trips via Indonesia to India. Iron ore from India has been quiet on WCI but rates stable at USD 17k for trips from WCI to China and from ECI close to 16k. On Richards Bay rounds Supras now seeing around 15k basis WCI dely. Red Sea, ferts on Handymax/Supras are fixed at very mid-high 20´s pmt on voyage bss to WC India. Not too much activity on short period as market bit volatile but hear some index type vessels fixed at mid-teens” concluded the report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
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Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
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Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
Friday, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
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- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
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- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
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- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
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- Electricity Authority, New Zealand
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- Ministry of Transport, Egypt
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- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
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- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
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- Australian Coal Association
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- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
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- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
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- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
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- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
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- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
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- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
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- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
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- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
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