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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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Friday, 03 June 11
DRY BULK MARKETS RESURGENCE APPEARS TO BE LOSING SOME STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s seems to be losing some steam, despite reports of growing Chinese demand for commodities, especially coal, on the back o ...
Thursday, 02 June 11
LARGE SUPRAS FOR RBCT/INDIA ROUND ARE NOW ASKING 14K - FEARNBULK
Handy
The Handy/Supra market has in general been flat and un-exciting this week. The Black Sea market is almost non existing while the US Gulf mar ...
Thursday, 02 June 11
DRY BULK SHIP OWNERS LOOKING INTO SHORTENED WEEK WITH ANXIETY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most markets in the western world closed yesterday, as a result of Memorial Day, dry bulk stakeholders weren’t able to build over the pos ...
Monday, 30 May 11
MIANG BESAR COAL TERMINAL ON TARGET
COALspot.com - MBCT, to be largest coal terminal in Asia to start construction in Indonesia’s east Kalimantan Island in July 2011 says Mr. Joh ...
Sunday, 29 May 11
THE FREIGHT MARKET CONTINUED TO GAIN MOMENTUM - VISTAAR
COALspot.com - The freight market continued to gain momentum and the BDI, Cape Index and Panamax was by up almost 10-12 pct and on all sectors, Vist ...
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- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
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