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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, 19 December 11
PLN WILL NO LONGER BUY COAL FROM TRADERS
COALspot.com - Indonesia's state electricity company PT Perusahaan Listrik Negara will no longer allow traders to become their suppliers, said, its ...
Saturday, 17 December 11
THE FREIGHT MARKET SEEMS TO HAVE ALMOST BOTTOMED OUT AND MAY REMAIN STEADY AT THESE LEVELS CAPT REDDY
COALspot.com - The BDI and Cape index closed lower this week with BDI closing at 1,888 points (down by 1.76 pct) and Cape index at 3,572 points (dow ...
Friday, 16 December 11
DRY BULK MARKET LOSES TRACK ON CAPESIZE LOSSES, SHIP FINANCING REMAINS TROUBLESOME - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market didn’t manage to sustain earlier gains, losing track yesterday, on reduced Capesize demand and persisting troubles in smal ...
Thursday, 15 December 11
BERAU SEES INDIA AS POTENTIAL MARKET FOR LOW-CALORIE COAL - THE JAKARTA POST
The Jakarta Post reported that, Publicly listed coal mining company PT Berau Coal Energy (BRAU), the fifth largest coal producer in Indonesia, sees ...
Thursday, 15 December 11
PANAMAX HARDLY AFFECTED BY THE RECENT FIRMER TENDENCY FOR THE BIG SISTERS - FEARNBULK
Handy
The rates are more or less the same as last week. Continent/US Gulf fixing at tick below USD 10k and Gulf/Continent levels at USD 25k. Trips ...
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- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- White Energy Company Limited
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
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