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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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Saturday, 28 May 11
WCI-CHINA RATES SLIDED TO 15K AND FROM ECI AROUND 12K - FEARNLEYS AS
Handy
Rates in the Atlantic remain steady/flat with the Black Sea remaining quiet with little fresh enquiries. The Continent is seeing more tonnag ...
Saturday, 28 May 11
GOLDEN MINES IPO AT RP 2,300 - RP 3,500
Coal miner PT Golden Energy Mines, a wholly owned subsidiary of PT Dian Swastatika Sentosa Tbk (DSSA) which is controlled by Indonesian businessman ...
Friday, 27 May 11
LARGER DRY BULK CARRIERS LEAD BDIS RALLY THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Larger dry bulk vessels have kept on leading the market’s rise this week, with the BDI (Baltic Dry Index) rising by a more than healthy 3.43% ...
Wednesday, 25 May 11
70 PERCENT OF HARUMS PRODUCTION SOLD - BISNIS INDONESIA
Coal producer PT Harum Energy Tbk claimed that out of this year's total production target of 10 million tons, 70% or 7 million tons had been sold, ...
Wednesday, 25 May 11
MINERS BACK GOVT PLAN TO FREEZE MINING PERMITS - THE JAKARTA POST
Indonesian coal miners hailed the government’s decision to impose a moratorium on the issuance of new mining permits, saying the freeze would ...
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- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- PTC India Limited - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
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