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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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Friday, 28 October 11
RISING COAL PRICES TO WORSEN CHINA'S WINTER POWER CRUNCH - CRI ENGLISH
CRI English reported that, the rising price of coal is fueling concerns about a power crunch set to plague China this winter, analysts said.
The ...
Thursday, 27 October 11
CAPESIZE REACHING NEW HIGHS - FEARNLEYS
Handy
Pacific market has mixed sentiments with tonnages fixed at firm levels and some tonnages in feast failing on subs.For indo-india, large eco ...
Thursday, 27 October 11
DRY BULK MARKET EDGES DOWN AS CHINAS IRON ORE DEMAND LOSES GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A plunge in Chinese iron ore demand, as a result of high steel inventories and a bleak outlook regarding steel prices, has prompted the dry bulk mar ...
Thursday, 27 October 11
BUKIT ASAM 3Q PROFIT SURGES 66.91%
Insider Stories reported that, the state-controlled coal miner PT Bukit Asam Tbk (PTBA) experienced a 66.91% increase in its net profit during a per ...
Wednesday, 26 October 11
MOODYS SEES MORE GROWTH FOR INDONESIAN COAL MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal mining industry looks set to grow despite an uncertain global economic outlook, according to ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
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