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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, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pus ...
Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
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- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Parliament of New Zealand
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Planning Commission, India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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