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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, 02 January 12
THE PROMISE OF INDIA: A BRIEF INTERRUPTION? - CLARKSONS / HELLENIC SHIPPING
Future growth in Indian seaborne coal imports has sometimes been considered as one of the largest potential upsides in the currently oversupplied dr ...
Sunday, 01 January 12
IS INDIA FOLLOWING INDONESIA TO STANDARDIZE COAL PRICES TO GET MAXIMUM BENEFITS?
COALspot.com - Coal India limited, an Indian state owned and world largest coal producer has introduced gross calorific value (GCV) based pricing me ...
Saturday, 31 December 11
GLOBALCOAL NEWC INDEX SURGED 2.32 PERCENT
COALspot.com - globalCOAL index in Newcastle Port, benchmark for Asian market, ended substantially higher, surged 2.32 percent to US$115.47 per ...
Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbun ...
Friday, 30 December 11
CENTRAL GOVERNMENT SHOULD ISSUE PERMITS - THE JAKARTA POST
The Jakarta Post reported that, business associations from both the palm oil and mining sectors have suggested that the central government should re ...
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- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- The University of Queensland
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
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