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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, 19 January 12
SOUTHGOBI RESOURCES SELLS MORE THAN FOUR MILLION TONNES OF COAL IN 2011, 58% MORE THAN 2010
COALspot.com - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) has successfully complets year 2011 on guidance in terms of coal sales and production.
...
Thursday, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
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- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
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