Tue Dec 6, 2011
LONDON Dec 6 (Reuters) - Brazil's Vale is set to move its first coking coal shipment next week from its Moatize mine in Mozambique, sources said on Tuesday.
This will be the first coking coal shipment, after 3 thermal coal shipments, and is destined for steelmaker ArcelorMittal's South African unit.
"They're loading it now, will finish very shortly," said a source close to Moatize.
Vale last month unveiled a a $6 billion expansion of its Moatize coal project in Mozambique to lift output to 22 million tonnes per year from the 11 million tonnes it expects to mine initially.
(sourced Reuters)
Showing posts with label coking coal shipment. Show all posts
Showing posts with label coking coal shipment. Show all posts
Tuesday, December 6, 2011
Friday, August 19, 2011
Cline Mining Corp announces first commercial coal shipment from New Elk Coal Co
Friday, 19 Aug 2011
Cline Mining Corporation has announced that its first commercial sale of metallurgical grade coking coal was shipped on August 9th 2011 by Cline's wholly owned subsidiary New Elk Coal Company LLC from its coal mine located near the town of Trinidad in southern Colorado, USA.
The first coal shipment was made into rail cars from the company's newly constructed bulk rail load out facility at Jansen Yard near Trinidad. The coal was from first mine production and meets the full specification grade of New Elk's high quality metallurgical grade coal for steelmaking purposes. The New Elk metallurgical coal is a high volatile, high fluidity, high FSI and low sulphur product.
Ongoing continuing coal deliveries and shipments are scheduled according to the company's production schedule going forward. Cline is continuing to mine metallurgical coal from its New Elk Coal Mine, which is being placed in stockpiles on the mine surface. The coal preparation plant is treating the raw coal produced from the mine and achieving the high specification standards for New Elk met coal. An active coal marketing program is in full effect to establish and settle long term customer relationships. Bulk samples of the product coal are being produced and distributed to the major national and international steel industry participants.
New Elk production of metallurgical steel making coal slated for world markets is anticipated to ramp up to a production rate of 3.0 million tons annually by the first quarter of 2012, as described and detailed in the National Instrument 43-101 Technical Report titled "NI 43-101 Technical Report New Elk Mine Project. Las Animas County, Colorado USA prepared for New Elk Coal Company LLC, subsidiary of Cline Mining Corporation" dated May 27th 2011 prepared by Mr Leo Gilbride and Mr Timothy A Ross of Agapito Associates Inc.
Cline Mining Corporation has announced that its first commercial sale of metallurgical grade coking coal was shipped on August 9th 2011 by Cline's wholly owned subsidiary New Elk Coal Company LLC from its coal mine located near the town of Trinidad in southern Colorado, USA.
The first coal shipment was made into rail cars from the company's newly constructed bulk rail load out facility at Jansen Yard near Trinidad. The coal was from first mine production and meets the full specification grade of New Elk's high quality metallurgical grade coal for steelmaking purposes. The New Elk metallurgical coal is a high volatile, high fluidity, high FSI and low sulphur product.
Ongoing continuing coal deliveries and shipments are scheduled according to the company's production schedule going forward. Cline is continuing to mine metallurgical coal from its New Elk Coal Mine, which is being placed in stockpiles on the mine surface. The coal preparation plant is treating the raw coal produced from the mine and achieving the high specification standards for New Elk met coal. An active coal marketing program is in full effect to establish and settle long term customer relationships. Bulk samples of the product coal are being produced and distributed to the major national and international steel industry participants.
New Elk production of metallurgical steel making coal slated for world markets is anticipated to ramp up to a production rate of 3.0 million tons annually by the first quarter of 2012, as described and detailed in the National Instrument 43-101 Technical Report titled "NI 43-101 Technical Report New Elk Mine Project. Las Animas County, Colorado USA prepared for New Elk Coal Company LLC, subsidiary of Cline Mining Corporation" dated May 27th 2011 prepared by Mr Leo Gilbride and Mr Timothy A Ross of Agapito Associates Inc.
Friday, August 5, 2011
Mongolia Tavan Tolgoi mine begins shipments to China Chalco
Friday, 05 Aug 2011
Reuters reported that Mongolia massive Tavan Tolgoi project began shipping 4,000 tonnes of coal south to its new partner, the Aluminum Corp of China Ltd recently following a ceremony at the mine site.
The mine state owned operator, Erdenes Tavan Tolgoi agreed last week to sell USD 250 million worth of coal to the Chinese company from its east Tsankhi block a move designed to fund the deposit overseas listing scheduled for next year.
Erdenes confirmed that a total of 40 trucks each loaded with 100 tonnes of Tavan Tolgoi coking coal has already set off south to China. The mine, which could contain as much as 7.5 billion tonnes of high quality coking coal, is expected to help transform Mongolia tiny economy over the next decade and it has attracted the attention of scores of overseas investment banks and mining firms.
But it remains unclear when large-scale development of the property will begin with the results of a bidding process for the western section of the mine still in dispute.
(Sourced from Reuters)
Reuters reported that Mongolia massive Tavan Tolgoi project began shipping 4,000 tonnes of coal south to its new partner, the Aluminum Corp of China Ltd recently following a ceremony at the mine site.
The mine state owned operator, Erdenes Tavan Tolgoi agreed last week to sell USD 250 million worth of coal to the Chinese company from its east Tsankhi block a move designed to fund the deposit overseas listing scheduled for next year.
Erdenes confirmed that a total of 40 trucks each loaded with 100 tonnes of Tavan Tolgoi coking coal has already set off south to China. The mine, which could contain as much as 7.5 billion tonnes of high quality coking coal, is expected to help transform Mongolia tiny economy over the next decade and it has attracted the attention of scores of overseas investment banks and mining firms.
But it remains unclear when large-scale development of the property will begin with the results of a bidding process for the western section of the mine still in dispute.
(Sourced from Reuters)
Friday, February 25, 2011
Return of Australian coal exports key to freight recovery: Genco
Friday, Feb25, 2011 617 am EST/1117 GMT
New York (Platts)
New York (Platts)
A return of export volumes of coking coal from the east coast of Australia and in iron ore volumes from Brazil could lead to a recovery of Capesize freight rates during the course of 2011, New York-listed dry bulk ship owner Genco Shipping & Trading said Thursday.
Speaking at the company's fourth-quarter earnings call, Robert Buchanan, president of Genco, said the disruptions caused by the severe flooding in Queensland in December and January and weather-related delays to iron ore shipments from Brazil and South Africa, accounted for approximately 5% of global coal and iron ore seaborne trade, quoting estimates from commodities and ship broking group ICAP.
He also said that a cold winter with high snowfall in the US had limited the amount of coking coal shipments from the US east coast to make up for shortfalls of shipments from Queensland.
Earlier Thursday, Asian coal consumers told Platts that Rio Tinto had lifted a force majeure on its Kestrel semi-hard coking coal brand after almost two months. A Rio Tinto Coal Australia spokesman confirmed that force majeure had been lifted from both the Blair Athol Mine in Queensland and from the Kestrel Mine.
Kestrel is believed to be the first major Australian coking coal brand to have a force majeure lifted since the flooding.
The Kestrel mine supplies 4.2 million mt of coking and thermal coal to customers worldwide.
Buchanan said the expected influx of new ships from the shipyards this year may not be as bad as appeared on paper, because of the likelihood of up to 40% slippage in delivery schedules, following a trend seen in the last few years.
He conceded that the effect of China's tightening monetary policy, in terms of increasing the capital reserve requirements of banks, and the Korea Lines bankruptcy were having a negative effect on sentiment, "but this is reflected more in the forward market."
Genco does not have any exposure to Korea Lines, which filed for the equivalent of bankruptcy protection on January 25. Korea Lines is one of Asia's largest operators of dry bulk tonnage and, according to analysts, fell victim of the collapse in freight rates, having chartered-in its fleet at much higher rates than can be obtained by re-letting the ships on the spot market.
Buchanan also predicted a hefty increase in the scrapping of dry bulk carriers, saying that 2.1 million dwt of dry bulk tonnage had already been scrapped this year compared with 5.7 million dwt in the whole of 2010.
"According to our internal company estimates, we calculate that the cash breakeven for [a fully amortized], 20-year-old Capesize is approximately $12,500/day," said Buchanan. However, the freight market is showing returns of around $4,000-$5,000/day.
Buchanan said it is the larger ships that get scrapped first, because of the wear and tear they endure compared with smaller vessels. "Think about the length and the twisting of the steel that goes on and add iron ore into the equation," he said. Iron ore exerts more stresses on the hull of a dry bulk carrier than any other cargo type.
He said that with a Capsize approaching 20 years of age, and its fifth special survey at a cost of around $3 million, with another special survey due every 2.5 years thereafter, several owners might decide that it is better to sell for scrap.
Buchanan said that 21% of the dry bulk fleet was more than 25 years old and 28% was more than 20 years of age.
He said prices offered by ship breakers were around $500/light displacement ton. "As long as the price of steel stays firm, the scrap price should stay firm," he said.
On Wednesday, Genco reported fourth-quarter net attributable income of $34.8 million, down slightly from $35.5 million a year earlier. In the full year it reported net income of $141.2 million, down from $148.62 million.
Genco saw Q4 voyage revenues climb to $129.9 million from $96.2 million a year earlier, helped by an expansion in its fleet. Total revenues were $130.7 million, up from $96.2 million a year earlier. In the full-year, voyage revenues rose to $447.4 million from $379.5 million in 2009. Total full-year revenues were $448.7 million, up from $379.5 million in 2009. (By Platts)
Speaking at the company's fourth-quarter earnings call, Robert Buchanan, president of Genco, said the disruptions caused by the severe flooding in Queensland in December and January and weather-related delays to iron ore shipments from Brazil and South Africa, accounted for approximately 5% of global coal and iron ore seaborne trade, quoting estimates from commodities and ship broking group ICAP.
He also said that a cold winter with high snowfall in the US had limited the amount of coking coal shipments from the US east coast to make up for shortfalls of shipments from Queensland.
Earlier Thursday, Asian coal consumers told Platts that Rio Tinto had lifted a force majeure on its Kestrel semi-hard coking coal brand after almost two months. A Rio Tinto Coal Australia spokesman confirmed that force majeure had been lifted from both the Blair Athol Mine in Queensland and from the Kestrel Mine.
Kestrel is believed to be the first major Australian coking coal brand to have a force majeure lifted since the flooding.
The Kestrel mine supplies 4.2 million mt of coking and thermal coal to customers worldwide.
Buchanan said the expected influx of new ships from the shipyards this year may not be as bad as appeared on paper, because of the likelihood of up to 40% slippage in delivery schedules, following a trend seen in the last few years.
He conceded that the effect of China's tightening monetary policy, in terms of increasing the capital reserve requirements of banks, and the Korea Lines bankruptcy were having a negative effect on sentiment, "but this is reflected more in the forward market."
Genco does not have any exposure to Korea Lines, which filed for the equivalent of bankruptcy protection on January 25. Korea Lines is one of Asia's largest operators of dry bulk tonnage and, according to analysts, fell victim of the collapse in freight rates, having chartered-in its fleet at much higher rates than can be obtained by re-letting the ships on the spot market.
Buchanan also predicted a hefty increase in the scrapping of dry bulk carriers, saying that 2.1 million dwt of dry bulk tonnage had already been scrapped this year compared with 5.7 million dwt in the whole of 2010.
"According to our internal company estimates, we calculate that the cash breakeven for [a fully amortized], 20-year-old Capesize is approximately $12,500/day," said Buchanan. However, the freight market is showing returns of around $4,000-$5,000/day.
Buchanan said it is the larger ships that get scrapped first, because of the wear and tear they endure compared with smaller vessels. "Think about the length and the twisting of the steel that goes on and add iron ore into the equation," he said. Iron ore exerts more stresses on the hull of a dry bulk carrier than any other cargo type.
He said that with a Capsize approaching 20 years of age, and its fifth special survey at a cost of around $3 million, with another special survey due every 2.5 years thereafter, several owners might decide that it is better to sell for scrap.
Buchanan said that 21% of the dry bulk fleet was more than 25 years old and 28% was more than 20 years of age.
He said prices offered by ship breakers were around $500/light displacement ton. "As long as the price of steel stays firm, the scrap price should stay firm," he said.
On Wednesday, Genco reported fourth-quarter net attributable income of $34.8 million, down slightly from $35.5 million a year earlier. In the full year it reported net income of $141.2 million, down from $148.62 million.
Genco saw Q4 voyage revenues climb to $129.9 million from $96.2 million a year earlier, helped by an expansion in its fleet. Total revenues were $130.7 million, up from $96.2 million a year earlier. In the full-year, voyage revenues rose to $447.4 million from $379.5 million in 2009. Total full-year revenues were $448.7 million, up from $379.5 million in 2009. (By Platts)
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