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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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Wednesday, 15 June 11
DRY BULK MARKET WEAKENS AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite this time of year traditionally being one of the busiest for the dry bulk market, it seems that in the post-crisis era trade patterns are co ...
Monday, 13 June 11
THE INDONESIAN COAL REFERENCE PRICE HAS JUMPED 1.2 PERCENT IN JUNE
COALspot.com - The Ministry of Energy & Mineral Resources sets coal spot price benchmark for June 2011 at US$ 119.03 per ton, higher than US$ 1. ...
Sunday, 12 June 11
THE FREIGHT MARKET IS LIKELY TO BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued to soften this week except for Panamax index. The BDI was down by about 4.77 pct and closed at 1,418 poi ...
Friday, 10 June 11
DRY BULK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
This week has offered dry bulk ship owners no real reason to smile, as the industry’s benchmarket, the Baltic Dry Index (BDI) has been steadil ...
Friday, 10 June 11
BUKIT ASAM RECORDED RP1.3 TRILLION PROFIT IN MAY - TEMPO INTERACTIVE
Tempo Interactive reported that, PT PT Tambang Batubara Bukit Asam Tbk (PTBA) made a net profit of Rp 1.3 trillion (approx. US$ 152,779,410) at the ...
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- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
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