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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, 07 May 11
BERAU INKS DEALS WITH CHINESE FIRMS AS COAL WEATHERS COMMODITIES STORM - THE JAKARTA GLOBE
The Jakarta Globe reported that, Berau Coal, one of the country’s largest coal miners, has signed sales contracts with two Chinese companies a ...
Saturday, 07 May 11
SUPRAMAXES ARE AT AROUND $ 13,500-14,000 PER DAY FOR SINGLE TRIPS
COALspot.com - The freight remained fairly steady this week with the BDI up by 71 points and closing at 1,340 points, said Capt. Reddy, the director ...
Saturday, 07 May 11
COAL PRODUCTION MAY REACH 95M TONS IN SECOND QUARTER - THE JAKARTA POST
The Jakarta Post reported that, Indonesian miners are projected to produce around 95 million tons of coal in the second quarter of this year after l ...
Friday, 06 May 11
BUKIT ASAM TO CLOSE COAL TAKEOVER IN Q2 - INSIDER STORIES
The state-controlled PT Tambang Bukit Asam Tbk (PTBA) expects to complete acquisition of two coal mining companies from four companies which is now ...
Thursday, 05 May 11
SUPRAS IN NORTH CHINA ARE GETTING CLOSE TO $ 13K FOR INDO-INDIA
Handy
The Atlantic market is stable/flat with positive undertone meaning more enquiries hitting the market today. Lack of prompt vessels. Trips to ...
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- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
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