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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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Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
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