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Thursday, 05 May 11
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market’s benchmark, the Baltic Dry Index (BDI) managed to edge higher yesterday, rising by 1.81% to 1,292 points, in the first post-holiday session, led by an “explosion” of the Panamax segment of the market. The relative Panamax index rose by a rather impressive 7.45 percent to 1,558 points, after several days of lacklustre activity. The Capesize market was also higher, albeit at a more modest rate, rising by 0.51% to end at 1,572 points.
According to the latest report from Barry Rogliano Salles, the rise in Panamax rates (5% during the previous week for a total of 12,45% including Tuesday’s increase) represents the first positive development in some time after almost seven weeks of consecutive declines. Even with the small gain seen this week, the Panamax 4TC has lost 70% of its value since early March. “Of course, coal shipments have been severely disrupted by weather related factors, and this week China reported a 25% decline in its coal imports over the first three months of 2011. This stands in sharp contrast to its iron ore imports which rose nearly 10% in the same period” said the Paris-based shipbroker.
Further detailing the Panamax market, it said that it saw very quiet conditions in both the Atlantic and Pacific this week, mainly due to the long weekend in the East. There was plenty of tonnage still available in both basins and the time charter rates barely managing to break into four digits for the Atlantic and Pacific round voyages. Fronthauls were being fixed in the low US$20,000s. Period activity also declined, with rates still in the low teens for short periods of 3-5 or 4-6 months.
Regarding the Capesize market, “holidays in Europe reduced activity in the Atlantic, although a period of fixing by the mining groups in the Pacific kept activity ticking over there. Overall the BCI inched up 1% while the time charter average closed the week at just under US$6,700. With worldwide steel production continuing to rise (up 7% in March), demand for iron ore remains strong. However with an average 27 ships joining the fleet each month, supply continues to outpace demand. In the paper market, rates picked up across the board and short-term prices strengthened. Prices are now US$10,700 and US$11,160 for June and July respectively” said the report.
As for the smaller segments (Handy, Supramax), the Handy market continued to slide down, and the TC average closed the week at US$11,897 compared to US$11,985 the week before. Supras remained steady and finished the week at US$14,530 led by the route USG/skaw –Passero. East coast South America remains the leading actor in the Atlantic with wheat and sugar traded to various destinations. A few fixtures have been done from USG to Cont/Med at around US$17,000 for Handies and US$24,000 for the Supras. The Mediterranean/Black Sea market remained lacking in action. In the east, rates continued to slids down for both Handies and Supras. Supras were fixed from Indonesia to China at around US$17,000 with mainly coal, and around US$14,000 from India to China. A few Supras have been taken for 4-6 months at around US$15,000 delivery India.
In a separate analysis, Commodore Research mentioned yesterday that despite the various electricity consumption restrictions on a series of industries in China, steel mills have been left largely unaffected. “This has allowed Chinese steel production to remain at extremely robust levels.
Steel production came under pressure last September due to government-mandated electricity allocation restrictions on steel mills and other heavy polluting nterprises; these specific restrictions were lifted by the end of last year. Chinese steel production has flourished in recent months, with last month's 59.4 million tons of crude steel production the second largest amount of crude steel ever produced in China. It is becoming likely that the government will have to place electricity allocation restrictions on steel mills (and other energy-intensive enterprises) in the near future however.
As we discussed last week, Chinese electricity consumption has surged to a near-record level much earlier than in previous years. Chinese electricity production totaled about 383 billion kilowatt hours in March, an increase of 46 billion kwh (14%) from 337 billion kwh produced in March 2010 and only slightly lower than the record 390 billion kwh produced in August 2010. Within a few months, electricity consumption is likely to exceed August 2010's record, as warmer weather will lead to a continued surge in electricity demand.
The Chinese government’s priority is having residential users receive normal allocations of electricity rather than focusing more on industrial users. In a nation where citizens are unable to vote (and, for most part, largely satisfied with this), it’s extremely important that the necessities and luxuries afforded to citizens are not taken away.
Because of this, China’s National Energy Administration (NEA) has banned restricting electricity allocation to residential users. The NEA anticipates that year-on-year electricity consumption will increase by over 10% this year, which will very likely put steel mills and other energy-intensive enterprises in the crosshairs of summer electricity allocation restrictions.
In the first four months of this year, Chinese steel production has remained at extremely high levels on the strength of robust domestic demand. Steel consumption has remained high, construction steel stockpiles have declined, and domestic and foreign iron ore demand has remained robust. Going forward, there is a considerable chance that steel mills will receive reduced electricity allocations due to Chinese electricity production in the summer simply being unable to come close to meeting demand. This would result in a decline in steel production and lower iron ore demand. As of now, though, Chinese steel production remains very robust” concluded Commodore.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 30 June 11
DRY BULK MARKET SHOWS SIGNS OF FURTHER WEAKENING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to shake off the additional supply of vessels, an oversupply issue of grave concern that would have occured e ...
Wednesday, 29 June 11
ANOTHER STRONG PERFORMANCE BY CAPESIZE - BRS
Another strong performance by the Capesize market this week, bringing the BCI up 8% to 1,974 points. However the Panamax market was penalised, losin ...
Monday, 27 June 11
THE IRON ORE IMPORTS BY CHINA SEEMED TO SLOW DOWN - VISTAAR
COALspot.com - The BDI was holding as previous week and was just up by 1 point and closed at 1424 points end of last week. The biggest gain was ...
Friday, 24 June 11
THE INDONESIAN GOVERNMENT WILL NOT EXTEND ALL EXPIRED MINING CONTRACTS - JAKARTA UPDATES
The Indonesian Government have decided not to extend all mining concessions under the scheme called Contract of Work and instead will take over the ...
Friday, 24 June 11
BERAU EYEING 70 PERCENT GROWTH IN EBITDA
Indonesia's coal producer PT Berau Coal Energy Tbk (BRAU) is eyeing a 60 -70 percent growth in EBITDA to US$ 560 million-US$595 million this year. ...
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- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
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