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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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Tuesday, 13 December 11
CAPESIZES AND PANAMAXES LEAD DRY BULK MARKET HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched closer to the 2,000 mark on Monday, with Panamaxes rebounding firmly and leading the gains. As a result, the industry&rsq ...
Monday, 12 December 11
DRY BULK MARKET LOOKING FOR BALANCE AS WE ENTER 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
During the past few months, freight rates for dry bulk carriers, especially Capesizes have increased significantly, providing ship owners with a muc ...
Sunday, 11 December 11
THE PANAMAX INDEX ENDED ON POSITIVE DIRECTION - VISTAAR
COALspot.com - The BDI and Cape index continued the upward trend this week also with BDI up by 3.00 pct closing at 1,922 points and Cape index up by ...
Saturday, 10 December 11
MAHAKAM RIVER RESUMES COAL TRANSPORTATION
COALspot.com - East Kalimantan local government has resumed limited coal barging through Mahakam River after two weeks of suspension following the c ...
Friday, 09 December 11
DRY BULK MARKET REBOUNDS ON HEALTHIER DEMAND OUTLOOK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged forward yesterday, at the highest rate of the past couple of weeks, as a result of stonger iron ore demand, backed by lowe ...
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- Malabar Cements Ltd - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Economic Council, Georgia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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