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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, 30 April 11
THE PANAMAX WAS THE BIGGEST GAINER
COALspot.com - The freight market appeared to recover slightly after the Easter holidays. However they market may not move up much and likely to mai ...
Friday, 29 April 11
KOMIPO ISSUES TENDER FOR 710,000 MT OF LCV & HCV COAL
COALspot.com - Korea Midland Power Co. Ltd (KOMIPO) has issued a spot supply tender for supply of total 710,000 MT of thermal coal for delivery betw ...
Friday, 29 April 11
HARUM EYES IDR 2.58 TRILLION COAL TAKEOVER
PT Harum Energy Tbk (HRUM), that is controlled by Indonesian tycoon Kiki Barki, is poised to spend Rp 2.58 trillion (approximately US$ 301.296 mln) ...
Friday, 29 April 11
CHINA'S IMPORTS 27 PERCENT LESS COAL IN Q1 2011 - ICAP SHIPPING
ICAP Shipping reported that, China's coal imports in the first quarter were some 27% down on a year ago at 32.3 Mt (2010: 44.4 Mt). Part of the rea ...
Thursday, 28 April 11
BALTIC DRY INDEX NUDGES UP AFTER DAYS OF LOSSES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After consecutive falls, the dry bulk freight market, as followed through the Baltic Dry Index, finally caught a breather yesterday, with the BDI ma ...
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- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- The University of Queensland
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
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