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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, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
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- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
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