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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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- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
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