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Tuesday, 13 September 11
DRY BULK RALLY MAINTAINS MOMENTUM AT START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market kept its upward momentum at the start of the week, as the industry’s benchmark, the Baltic Dry Index (BDI) was up by 2.07% to reach 1,876 points a new high for the year and definetely a multi-month high. Yesterday, all ship sectors were higher with renewed cargo demand activity pushing rates higher. Capesizes were up by 2.67% to 3,270 points, while all other shipping markets were also on a high note, albeit at a smaller rate. Panamaxes were up by 0.59% to 1,695 points, while Supramaxes were up by 0.5% to 1,408 points.
According to the latest weekly dry bulk report from shipbroker Barry Rogliano Salles, “tight conditions in the Atlantic, with prompt tonnage at a premium, pushed Cape rates up again this week to reach $26,463, the highest level for nine months. Overall the BDI rose 6% to 1,838 points, the BCI 7% to 3,185, while the Panamaxes, Supras and Handies smaller sizes saw modest gains of 3%, 1.5% and 1.9% respectively. In the coal markets, China confirmed that coal imports in 2011 were unlikely to meet the record levels of last year. According to the secretary of the China Coal Transport and Distribution Association, imports will likely reach 150m tonnes, below the 164.8m tonnes seen in 2010, due to increased domestic production and improved transportation” said the Paris-based shipbroker.
On the Capesize sector, the report mentioned that “with good cargo support, rates firmed in both basins this week, and the strong market quickly translated into higher period rates, now estimated at up to $17,000 per day for one-year period, compared to a low of $11,000 in June. Overall the BCI rose 7% w-o-w and the 4TC nearly 11% to the highest levels since 8 December 2010. Prompt rates for Tubarao-China reached $28, while there was talk of $12 for Aus-China. In the paper market, rates rose throughout the rest of the year, although first quarter 2012 remains little changed” it said.
On the Panamax front, BRS commented that “the P4TC increased by $431 with much of the impetus emanating from the Pacific where the 3A index rose by $1,643 over the week. The volume of prompt cargo out of NoPac and also Indonesia and Australia were the main factors behind this trend, and we are still seeing some reasonable volumes for September dates although the market appears a touch cooler now. The Atlantic was relatively quiet on the fixing front, with limited fresh cargoes weighing the 1A index down by $328 over the week. Front haul markets remained quiet with little fresh business to be had although owners seem to have shown some resistance to any significant softening in rates. The short period market firmed up over the week on the back of firmer Capesize markets, with fixtures reported at LME BPI equivalent levels of close to $15,000 for 4/6 months basis delivery China/redelivery worldwide”.
As far as the smaller ship types and more specifically the Supramax/Handy segments, BRS noted in its report that “over the last week, the Supramax market moved upwards, gaining 1.6% with the average of the TC routes closing the week at $14,649 per day. Owners were enjoying healthy rates in the Atlantic. USG to the Far East was fixed at around $30,000 per day dop USG, while Petcoke to Italy was done for around $26,000. The Continent market was firm thanks to a large demand for scrap cargoes, and Handymaxes were getting about $17,000 dop ARAG redelivery East Med. The market in the Black Sea was pushing up as well with good volumes of fertilizers and grain, especially Handysize stems. Further South, Supras out of West Africa were fixed at around $22,000 via east coast South America, redelivery Far East, while redelivery Continent was worth about $15,000. In the Pacific, iron ore stems have begun moving from both coasts of India, with Supras getting about $12,500. Even coal volumes from Indonesia and Richards Bay to India are picking up. The end of the monsoon and the approach of the Chinese holidays has led to a positive sentiment in the basin” concluded the shipbroker.
Meanwhile, on the SnP front BRS noted a few interesting deals re-appearing this week. “After last week’s rumours, we saw the ex. Korea Line vessel “Begonia” (180,000 dwt, built 2005 in Japan) committed to Chinese buyers for about $36.0m. This is probably the lowest price for a modern Cape since 2003 but it is important to mention some reports that the vessel may have a damaged m/e crank bearing. Meanwhile, the Japanese controlled “Suma” (150,000 dwt, built 1994 in China) was sold to Chinese buyers for $14.5m. Moreover we saw the three Supramaxes from China’s Taizhou Sanfu initially ordered by Oscar Wehr in Germany but cancelled due to late delivery now committed to Precious Shipping in Thailand for about $26.0m each. In the demolition market, levels have remained stable with India still paying top dollar at $505/LT, Bangladesh $500/LT, Pakistan $485 and China rising by $5/LT to $455/LT” said BRS.
Source: Nikos Roussanoglou, Hellenic Shipping
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
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