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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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Saturday, 07 May 11
BERAU INKS DEALS WITH CHINESE FIRMS AS COAL WEATHERS COMMODITIES STORM - THE JAKARTA GLOBE
The Jakarta Globe reported that, Berau Coal, one of the country’s largest coal miners, has signed sales contracts with two Chinese companies a ...
Saturday, 07 May 11
SUPRAMAXES ARE AT AROUND $ 13,500-14,000 PER DAY FOR SINGLE TRIPS
COALspot.com - The freight remained fairly steady this week with the BDI up by 71 points and closing at 1,340 points, said Capt. Reddy, the director ...
Saturday, 07 May 11
COAL PRODUCTION MAY REACH 95M TONS IN SECOND QUARTER - THE JAKARTA POST
The Jakarta Post reported that, Indonesian miners are projected to produce around 95 million tons of coal in the second quarter of this year after l ...
Friday, 06 May 11
BUKIT ASAM TO CLOSE COAL TAKEOVER IN Q2 - INSIDER STORIES
The state-controlled PT Tambang Bukit Asam Tbk (PTBA) expects to complete acquisition of two coal mining companies from four companies which is now ...
Thursday, 05 May 11
SUPRAS IN NORTH CHINA ARE GETTING CLOSE TO $ 13K FOR INDO-INDIA
Handy
The Atlantic market is stable/flat with positive undertone meaning more enquiries hitting the market today. Lack of prompt vessels. Trips to ...
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- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
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