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Wednesday, 05 October 11
WITH CHINA ON HOLIDAY, DRY BULK MARKET REMAINS STAGNANT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has remained to healthy levels after last month’s rally, but with China going on holiday this week, things are looking stagnant and could get worse in the coming days. Yesterday, the industry’s benchmark, the Baltic Dry Index (BDI) was marginally down by 0.05% to 1,885 points, shedding just one point. Still, activity in the Capesize market was low, leading the Baltic Capesize Index down by 1.37% to 3,021 points. Capesizes are typically used to haul coal and iron ore into China. Surprisingly, all other shipping segments were higher yesterday, with the Panamax market leading the foray as the BPI rose by 1.66% to 1,771 points.
According to the latest weekly report from Paris-based shipbroker Barry Rogliano Salles (BRS), “a slump for both the Capes and Panamaxes sent the BDI down 1% this week, falling to 1,899 points. The Capes saw the greatest movement, sliding -6%, while the BPI fell 5%. The BSI was steady with a rise of 1.4%. However good cargo flow in the Atlantic pushed the Handysize index up 7.7% to reach 740 points. At $10,850, the Handy time charter average finished the week at its highest level since mid-June. In Russia, the government announced ambitious plans to spend nearly $600m on its grain ports, in order to increase capacity by as much as 67% over the next four years. The new investment is forecast to lift grain loading capacity to almost 42 million metric tons from 25 million tons this year. Spending would be focused on developing and adding terminals on the Baltic, Asov and Black Seas. One rail carrier estimated the improvements could increase the discount at which Russia can sell grain at international tender by $7 to $8 per ton” said BRS.
Commenting on the Capesize market it mentioned that “declines that had perhaps been expected the previous week finally appeared this week, and the BCI lost 6% to finish at 3,136 points. The 4TC fell back to $26,601. In both runs this month, rates have risen to just under $29,000 before quickly retreating. A reduction in cargo movements was notable this week however, particularly towards end week as China began its holidays. With this in mind, we are unlikely to see any major improvements in the coming week. It was a volatile week in the FFA market, but the overall trend was also down with October and Q4 contracts both losing around $1400 w-o-w. Period rates have not softened much however, and short-period was fixing at around $19,000 per day, while two 206,000 tonners (ex yard February 2012) were reported fixed for between 44-50 months at $18,000 per day less 5% commission. As expected, the BCI fell again at the start of this current week” said the shipbroker in its report.
As far as the Panamax market is concerned, “both the Atlantic and Pacific basins became tighter last week. The Indian Ocean market become stronger too with fresh cargoes released after monsoon. In the Atlantic, available open tonnage dropped significantly over the last week and the TA round voyage reached almost $15,000. On a voyage basis, USEC to Continent was in the $15.50 pmt range while USG to Continent was in the low $20s pmt with a bullish outlook. Some charterers struggled to find the right candidates for trip from US Gulf/US east Coast to Continent. Ballasters expected from the east have not yet reached the area so open vessels in the zone have dropped by 60% in 15 days. Fronthaul rates remained relatively flat in the $22,500/$22,700 range. In the Pacific, open tonnage became tighter as well and dropped by 35% in 15 days. Rates seemed to have found a floor and hold relatively well, helped by the ballasters mentioned before. The Nopac round was around $10,500. Oversupply was absorbed by fresh cargoes put into the market by Chinese players before they went on holiday, which is a good reason to say that this week should be quiet” mentioned BRS.
In a separate notice issued yesterday, Commodore Research & Consultancy commented on the fact that Chinese steel output has come under pressure as it anticipated. “The China Iron and Steel Association (CISA) recently reported that daily crude steel output averaged 1.919 million tons from September 11 to September 21. This is a moderate decrease from the 1.964mt daily output average that occurred during September 1 to September 10. On a 30-day basis, the 1.919mt daily output average would yield 57.57mt of steel while the 1.964mt daily output average would yield 58.92mt. We have been predicting that Chinese steel output would come under pressure due to a recent stagnation in steel prices and increase in steel stockpiles. Chinese steel prices have come under a moderate amount of pressure since the end of August. The average price of 3.0mm hot rolled coil is now 4,760 yuan/ton, 190 yuan (-4%) less than a month ago. Chinese steel stockpiles have increased for five straight weeks and currently stand at 14.4mt. At the end of August, stockpiles stood at 13.6mt. The stagnation in steel prices and increase in steel stockpiles has been an indication that the recent level of Chinese steel output had been exceeding demand.
Going forward, Chinese steel output is likely to come under a bit more pressure during the next few weeks. Although output has declined, it is important to recognize that Chinese steel output is still relatively high and in no way is the Chinese steel industry undergoing a major correction. Instead, steel output is only coming under a small amount of pressure, which has been necessary in order to draw down stockpiles and allow prices to find support. If Chinese crude steel output ends up totaling 57mt in October, this would still be 6.7mt (13%) more than was produced in October 2010” concluded Commodore.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 03 November 11
DRY BULK MARKET OFFICIALLY IN THE RED ON LOWER CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept falling yesterday, on lower iron ore demand, which has caused the industry’s benchmark, the BDI (Baltic Dry Index) to ...
Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
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- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
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