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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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Monday, 20 June 11
KPCL SETS ALL INDIA & POSSIBLY A WORLD RECORD FOR COAL DISCHARGING
COALspot.com - Krishnapatnam Port has set an all India record for discharging 95,528 tons of steam coal in just 24 hrs using the conventional unload ...
Monday, 20 June 11
5TH ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK 2011 IS ON THE WAY
Press Release - Since the beginning of 2011, international commodity price has been in a high level, resulting in “TENSION” of energy co ...
Sunday, 19 June 11
S6 AND S7 ROUTES LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The freight market seemed to be stabilizing and the BDI and Cape index was up marginally and closed at 1,423 points and 1,824 points ...
Sunday, 19 June 11
BUMI 1Q NET PROFIT INCREASES 16.5 PERCENT
PT Bumi Resources Tbk (BUMI), Indonesia's largest coal exporter that is 25% owned by London-listed Vallar Plc, reported a16.49% increase in net pro ...
Friday, 17 June 11
DRY BULK BREATHES SIGH OF RELEAF ON RENEWED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has caught a sign of relief from the middle of the week onwards, as the BDI (Baltic Dry Index) increased once again yesterday, t ...
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- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
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