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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, 23 June 11
DRY BULK MARKET KEEPS EXHIBITING SIGNS OF WEAKNESS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to climb at new highs this week, showing signs of weakness, across most ship types. Yesterday, the Baltic Dry ...
Wednesday, 22 June 11
BOOMING INDONESIAN COAL EXPORTS - BLEEDING INDIAN POWER INDUSTRY
COALspot.com - Indonesia shipped 28.962 Million tons of coal in May 2011, up by 15.86 percent compared to April export of about 24.995 m ...
Tuesday, 21 June 11
SURGE IN PRODUCTION AND PRICES TO PUSH BUKIT ASAMS NET PROFITS ABOVE RP 3T - THE JAKARTA GLOBE
State-owned coal company Perusahaan Tambang Batubara Bukit Asam expects its net income to increase about 50 percent this year on the back of rising ...
Tuesday, 21 June 11
COURT BATTLE PUTS MASSIVE COAL PROJECT IN JEOPARDY - KOREA JOONGANG DAILY
As Korean companies race to exploit Indonesia’s abundant natural resources, two companies have been locked in a court case that has become so ...
Tuesday, 21 June 11
DRY BULK MARKET TURNS RED AGAIN ON VESSEL OVERSUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk entered this week on a negative turn, with the industry’s benchmark the Baltic Dry Index (BDI) retreating by 0.35% to end the ses ...
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- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- London Commodity Brokers - England
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Australian Coal Association
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
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