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Thursday, 07 April 11
DRY BULK MARKET PLUNGING EVEN FURTHER ON LOW CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has continued its falling pattern this week, with every day proving to be painful for ship owners, especially those of the larger ship types. Yesterday, the industry’s benchmark, the Baltic Dry Index (BDI) fell to 1,430 points, down by 2.19% on the day, with Capesizes leading the fall. The Capesize Index retreated by another 3.13 percent to just 1,674 points and as a result daily rates are again closely flirting with break-even levels. The Panamax segment also lost further ground ending the session down by 2.77% to 1,788 points, still well above the larger Capesize ships, in a market’s paradox that lately has proven to be the norm.
According to ICAP Shipping’s first quarter review of the dry bulk market, on the demand side most notable was the massive change in China’s imports of iron ore between January and February which collapsed from 68 Mt to 48 Mt and when this was combined with the 10 Mt fall in the country’s coal imports also in February the resulting 30 Mt drop exceeds anything that was seen even at the time of the freight market collapse in 2009. “Despite this string of exceptional events the freight market has responded calmly and efficiently and will no doubt continue to do so throughout the next three months” ICAP Shipping said.
Indeed, the BDI has lost over 10 percent from the start of the year, which could have been worse, given the circumstances, like the ever so increasing ship supply and the natural disasters in Australia and more recently in Japan. "At the moment the volumes out of Australia and Brazil are disappointing," said Georgi Slavov, head of dry research and structured products at ICAP Shipping, in a quote from Reuters. He went on to say that the volumes of exported (Australian) coal are still 30 to 40 percent below where they should be at this time of year. As a result, the coal price is obviously going up and therefore the Chinese are not buying -- it's a chain reaction that is hitting the market, Slavov mentioned. According to him, Japanese coal imports won’t pick up until May.
In a separate weekly report released from Fearnley’s, it said that in the Capesize market, it’s been a quiet start to the week with holidays in India and China, resulting in a wait and see attitude among owners and charters. West Australia/China rates were in the high 7s, presently usd 7.50 pmt. Of period fixtures in the east, a couple were done at usd 16k levels for 11-13 months, with profit sharing. The fronthaul activity remains inactive.
Regarding the Panamax segment, “activity remained slow in the Atlantic basin, rates still sliding downwards with limited new business and more open tonnage around. Limited trade for the Pacific, mostly due to Chinese holidays Monday and Tuesday. T/A rounds dropped to 14-14.5k this week. In the Pacific, very little reported, though some rounds done at around 14.5 level as well. Fronthaul still fairly healthy at 25k level. With grain season coming to an end, expectations for next month are rather weak. Although forward market flat to slowly down, perhaps more activity for iore export from India after release of export ban and from Brazil in 3Q will stabilize the market. Period market hardly viable this week; 2 years done at 15500 and short period even less” said the shipbroker.
As for the smaller ship types, it argued about slowly softening rates as more tonnage is accumulating in the Atlantic basin .”The trans-Atlantic round is around $15k pd with trips to the Far East at around $30k pd. USG/NCSA are active (mainly petcoke) whilst the Continent/E.Med/B.Sea lack volume and rates are under pressure. Outlook: softer. In the Pacific, quiet market due to holidays in China. For Indo-India, charterers holding on unless have spot cargo. Rates sliding now and Supras in North China are getting close to 14k for trips via Indonesia to India. Iron ore from India has been quiet on WCI but rates stable at USD 17k for trips from WCI to China and from ECI close to 16k. On Richards Bay rounds Supras now seeing around 15k basis WCI dely. Red Sea, ferts on Handymax/Supras are fixed at very mid-high 20´s pmt on voyage bss to WC India. Not too much activity on short period as market bit volatile but hear some index type vessels fixed at mid-teens” concluded the report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 06 September 24
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- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
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