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Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
.jpg) Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw a week on week lift of $7,084 to settle at $26,444. As usual, this volatile rise was initially Atlantic Basin lead. Black Sea iron ore fronthaul cargoes supplied the sparking tinder, which took a toll on the already sparse Atlantic tonnage supply. Higher transatlantic rates ensued. The Brazil to China C3 route supplied a timely and healthy amount of cargoes to aggravate the tonnage imbalance. The Pacific Basin showed more of a steady hand in gains early in the week before going full in on Thursday, with an action packed day of fixing. This was particularly evident on the West Australia to China C5 route late into the Singaporean evening. C5 opened the week at $7.205 to close at $9.159. The slightly backward forward curve on the derivatives market is a telling sign of the markets uncertainty in this lift being sustainable. However, for now, the Atlantic remains very tight on tonnage.
Panamax
Most of the excitement emanated from the Atlantic again last week. The continued lack of early tonnage had a profound effect on rates, with transatlantic rates jumping by more than $5,000 and the weighted average up by around $3,000. A Panamax fixed from the Continent for a trip via Murmansk to Jorf Lasfar at $22,000, leading many to complain the index remained under-marked. Fronthaul trades from the North Atlantic also increased, adding fuel to the fire. However, at the end of the week several vessels reportedly failed on Black Sea cargoes. The Pacific market rose steadily throughout the week buoyed by the skyrocketing Atlantic market. Several vessels fixed for US Gulf rounds, again at a premium to Pacific rounds, which improved to very high $12,000s for well described Kamsarmaxes. This was despite a seemingly plentiful tonnage supply. Several period fixtures were reported due to increased paper values, with many of the ships taken basis Atlantic delivery due to the rising spot prices.
Supramax/Ultramax
It was a stronger week again for the Baltic Supramax Index (BSI), mainly due to increased pressure from key areas within the Atlantic. Period activity remained, a 52,000dwt ship, open East Mediterranean, fixing in the upper $11,000s for two to four months trading. Key areas of interest were the US Gulf and Mediterranean, which saw jumps throughout the week. An Ultramax covered a trip to the Continent at around $20,000, while a 58,000dwt vessel fixed at $22,500 for a grain’s run to Japan with delivery Houston. Likewise, from the Mediterranean a lack of fresh tonnage saw an Ultramax being fixed in the $13,000s delivery West Coast India trip via Black Sea redelivery Southeast Asia. From Asia, it was a different story, with a lack of fresh enquiry from the north. A 52,000-tonner open CJK fixed for a trip via Indonesia with redelivery China at $6,100. Backhauls from the area to the Mediterranean were being concluded in the low $3,000s and a split rate.
Handysize
The Baltic Handysize Index (BHSI) had a minor decline when the week first started, but soon returned to positive territory, the US Gulf and East Coast South America lending support. More period fixtures were reported from the area, with large handysize vessels fixing in the mid $12,000s from Santos. Mid-sized vessels were fixing in the high $10,000s, basis Recalada, both for three to five months with redelivery within the Atlantic. A 33,000dwt ship open in the US Gulf mid-July was fixed for two to three laden legs redelivery Atlantic at $10,500. Brokers suggested East Coast South America firmed, with more demand to West Coast South America in particular. Fixtures were reportedly done from $15,000 to $17,000 depending on the size of the ship and the load/discharge. From North Brazil, a 32,000dwt vessel was fixed to the Mediterranean at $10,500. From the US Gulf, a 39,000-tonner was booked for a petcoke stem to Lebanon at $16,000. Rates remained soft in the East. A trip from South Korea to Southeast Asia paid $6,000 and low $5,000s on a small handysize from Malaysia for a quick trip to the Philippines.
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Tuesday, 27 March 18
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Friday, 23 March 18
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MARKET INSIGHT - CHRISTOPHER T. WHITTY
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- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
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