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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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Wednesday, 16 November 11
TAX OFFICE VOWS TO CRACK DOWN ON COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry’s Directorate General of Taxation says that it will strengthen its supervision of coal mi ...
Wednesday, 16 November 11
A STRONG WEEK FOR THE CAPES - BRS
A sharp bounce by the Cape market pushed the BDI up by 3% last week. This was despite a softening in the other indices with the Panamax, Supramax an ...
Monday, 14 November 11
BORL SEEKS 660K MT OF LOW SULPHUR COAL
COALspot.com - BORL India has issued a tender for around 660,000 MT of 4500 - 5500 kcal/kg sub-bituminous Coal.
Bharat Oman Refineries Ltd ...
Sunday, 13 November 11
BUNKER PRICES REMAINED FIRM
COALspot.com - The market seemed to recover this week with the BDI and Cape Index up.
The BDI was up by only about 2.86 pct closing at 1835 point ...
Saturday, 12 November 11
COALINDO ENERGY LAUNCHED INDEX FOR 3400 GAR COAL
COALspot.com - PT Coalindo Energy, in cooperation with Argus Media Limited, launched the coal index for low-rank coal with a calorific value of 3,40 ...
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- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Aditya Birla Group - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
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