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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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Monday, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
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- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- PTC India Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
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