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Thursday, 05 May 11
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market’s benchmark, the Baltic Dry Index (BDI) managed to edge higher yesterday, rising by 1.81% to 1,292 points, in the first post-holiday session, led by an “explosion” of the Panamax segment of the market. The relative Panamax index rose by a rather impressive 7.45 percent to 1,558 points, after several days of lacklustre activity. The Capesize market was also higher, albeit at a more modest rate, rising by 0.51% to end at 1,572 points.
According to the latest report from Barry Rogliano Salles, the rise in Panamax rates (5% during the previous week for a total of 12,45% including Tuesday’s increase) represents the first positive development in some time after almost seven weeks of consecutive declines. Even with the small gain seen this week, the Panamax 4TC has lost 70% of its value since early March. “Of course, coal shipments have been severely disrupted by weather related factors, and this week China reported a 25% decline in its coal imports over the first three months of 2011. This stands in sharp contrast to its iron ore imports which rose nearly 10% in the same period” said the Paris-based shipbroker.
Further detailing the Panamax market, it said that it saw very quiet conditions in both the Atlantic and Pacific this week, mainly due to the long weekend in the East. There was plenty of tonnage still available in both basins and the time charter rates barely managing to break into four digits for the Atlantic and Pacific round voyages. Fronthauls were being fixed in the low US$20,000s. Period activity also declined, with rates still in the low teens for short periods of 3-5 or 4-6 months.
Regarding the Capesize market, “holidays in Europe reduced activity in the Atlantic, although a period of fixing by the mining groups in the Pacific kept activity ticking over there. Overall the BCI inched up 1% while the time charter average closed the week at just under US$6,700. With worldwide steel production continuing to rise (up 7% in March), demand for iron ore remains strong. However with an average 27 ships joining the fleet each month, supply continues to outpace demand. In the paper market, rates picked up across the board and short-term prices strengthened. Prices are now US$10,700 and US$11,160 for June and July respectively” said the report.
As for the smaller segments (Handy, Supramax), the Handy market continued to slide down, and the TC average closed the week at US$11,897 compared to US$11,985 the week before. Supras remained steady and finished the week at US$14,530 led by the route USG/skaw –Passero. East coast South America remains the leading actor in the Atlantic with wheat and sugar traded to various destinations. A few fixtures have been done from USG to Cont/Med at around US$17,000 for Handies and US$24,000 for the Supras. The Mediterranean/Black Sea market remained lacking in action. In the east, rates continued to slids down for both Handies and Supras. Supras were fixed from Indonesia to China at around US$17,000 with mainly coal, and around US$14,000 from India to China. A few Supras have been taken for 4-6 months at around US$15,000 delivery India.
In a separate analysis, Commodore Research mentioned yesterday that despite the various electricity consumption restrictions on a series of industries in China, steel mills have been left largely unaffected. “This has allowed Chinese steel production to remain at extremely robust levels.
Steel production came under pressure last September due to government-mandated electricity allocation restrictions on steel mills and other heavy polluting nterprises; these specific restrictions were lifted by the end of last year. Chinese steel production has flourished in recent months, with last month's 59.4 million tons of crude steel production the second largest amount of crude steel ever produced in China. It is becoming likely that the government will have to place electricity allocation restrictions on steel mills (and other energy-intensive enterprises) in the near future however.
As we discussed last week, Chinese electricity consumption has surged to a near-record level much earlier than in previous years. Chinese electricity production totaled about 383 billion kilowatt hours in March, an increase of 46 billion kwh (14%) from 337 billion kwh produced in March 2010 and only slightly lower than the record 390 billion kwh produced in August 2010. Within a few months, electricity consumption is likely to exceed August 2010's record, as warmer weather will lead to a continued surge in electricity demand.
The Chinese government’s priority is having residential users receive normal allocations of electricity rather than focusing more on industrial users. In a nation where citizens are unable to vote (and, for most part, largely satisfied with this), it’s extremely important that the necessities and luxuries afforded to citizens are not taken away.
Because of this, China’s National Energy Administration (NEA) has banned restricting electricity allocation to residential users. The NEA anticipates that year-on-year electricity consumption will increase by over 10% this year, which will very likely put steel mills and other energy-intensive enterprises in the crosshairs of summer electricity allocation restrictions.
In the first four months of this year, Chinese steel production has remained at extremely high levels on the strength of robust domestic demand. Steel consumption has remained high, construction steel stockpiles have declined, and domestic and foreign iron ore demand has remained robust. Going forward, there is a considerable chance that steel mills will receive reduced electricity allocations due to Chinese electricity production in the summer simply being unable to come close to meeting demand. This would result in a decline in steel production and lower iron ore demand. As of now, though, Chinese steel production remains very robust” concluded Commodore.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 17 May 11
DRY BULK MARKET ENTERS WEEK ON WEAK MODE - HELLENIC SHIPPING
In yet another sign of softening freight rates for dry bulk carriers and oversupply issues, the dry bulk market entered this week on a downward path ...
Monday, 16 May 11
INDO TAMBANG 1Q SALES REVENUE UP - INSIDER STORIES
Thai Banpu Plc last week reported a 7.83% increase in coal sales revenue from its Indonesian operating unit via PT Indo Tambangraya Megah Tbk (ITMG) ...
Sunday, 15 May 11
THE FREIGHT MARKET REMAINED SOFT - VISTAAR
COALspot.com - "The freight market overall remained soft", said Capt. Reddy, Director of Vistaar Shipping Singapore. He further added, &qu ...
Saturday, 14 May 11
WELSPUN TO ACQUIRE AN INDONESIAN COAL MINE - MEDIA
The India based Welspun Power and Steel Ltd is planning to acquire 456,000 shares in PT Batubara Energy Indonesia, representing 75% interest, accord ...
Saturday, 14 May 11
DRY BULK MARKET ON A DOWNFALL ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what is now pretty clear will be yet another challenging year for dry bulk ship owners, the Baltic Dry Index returned to its usual pattern of dec ...
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- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- The University of Queensland
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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