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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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Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
Friday, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
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- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- VISA Power Limited - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
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