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Wednesday, 05 October 11
WITH CHINA ON HOLIDAY, DRY BULK MARKET REMAINS STAGNANT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has remained to healthy levels after last month’s rally, but with China going on holiday this week, things are looking stagnant and could get worse in the coming days. Yesterday, the industry’s benchmark, the Baltic Dry Index (BDI) was marginally down by 0.05% to 1,885 points, shedding just one point. Still, activity in the Capesize market was low, leading the Baltic Capesize Index down by 1.37% to 3,021 points. Capesizes are typically used to haul coal and iron ore into China. Surprisingly, all other shipping segments were higher yesterday, with the Panamax market leading the foray as the BPI rose by 1.66% to 1,771 points.
According to the latest weekly report from Paris-based shipbroker Barry Rogliano Salles (BRS), “a slump for both the Capes and Panamaxes sent the BDI down 1% this week, falling to 1,899 points. The Capes saw the greatest movement, sliding -6%, while the BPI fell 5%. The BSI was steady with a rise of 1.4%. However good cargo flow in the Atlantic pushed the Handysize index up 7.7% to reach 740 points. At $10,850, the Handy time charter average finished the week at its highest level since mid-June. In Russia, the government announced ambitious plans to spend nearly $600m on its grain ports, in order to increase capacity by as much as 67% over the next four years. The new investment is forecast to lift grain loading capacity to almost 42 million metric tons from 25 million tons this year. Spending would be focused on developing and adding terminals on the Baltic, Asov and Black Seas. One rail carrier estimated the improvements could increase the discount at which Russia can sell grain at international tender by $7 to $8 per ton” said BRS.
Commenting on the Capesize market it mentioned that “declines that had perhaps been expected the previous week finally appeared this week, and the BCI lost 6% to finish at 3,136 points. The 4TC fell back to $26,601. In both runs this month, rates have risen to just under $29,000 before quickly retreating. A reduction in cargo movements was notable this week however, particularly towards end week as China began its holidays. With this in mind, we are unlikely to see any major improvements in the coming week. It was a volatile week in the FFA market, but the overall trend was also down with October and Q4 contracts both losing around $1400 w-o-w. Period rates have not softened much however, and short-period was fixing at around $19,000 per day, while two 206,000 tonners (ex yard February 2012) were reported fixed for between 44-50 months at $18,000 per day less 5% commission. As expected, the BCI fell again at the start of this current week” said the shipbroker in its report.
As far as the Panamax market is concerned, “both the Atlantic and Pacific basins became tighter last week. The Indian Ocean market become stronger too with fresh cargoes released after monsoon. In the Atlantic, available open tonnage dropped significantly over the last week and the TA round voyage reached almost $15,000. On a voyage basis, USEC to Continent was in the $15.50 pmt range while USG to Continent was in the low $20s pmt with a bullish outlook. Some charterers struggled to find the right candidates for trip from US Gulf/US east Coast to Continent. Ballasters expected from the east have not yet reached the area so open vessels in the zone have dropped by 60% in 15 days. Fronthaul rates remained relatively flat in the $22,500/$22,700 range. In the Pacific, open tonnage became tighter as well and dropped by 35% in 15 days. Rates seemed to have found a floor and hold relatively well, helped by the ballasters mentioned before. The Nopac round was around $10,500. Oversupply was absorbed by fresh cargoes put into the market by Chinese players before they went on holiday, which is a good reason to say that this week should be quiet” mentioned BRS.
In a separate notice issued yesterday, Commodore Research & Consultancy commented on the fact that Chinese steel output has come under pressure as it anticipated. “The China Iron and Steel Association (CISA) recently reported that daily crude steel output averaged 1.919 million tons from September 11 to September 21. This is a moderate decrease from the 1.964mt daily output average that occurred during September 1 to September 10. On a 30-day basis, the 1.919mt daily output average would yield 57.57mt of steel while the 1.964mt daily output average would yield 58.92mt. We have been predicting that Chinese steel output would come under pressure due to a recent stagnation in steel prices and increase in steel stockpiles. Chinese steel prices have come under a moderate amount of pressure since the end of August. The average price of 3.0mm hot rolled coil is now 4,760 yuan/ton, 190 yuan (-4%) less than a month ago. Chinese steel stockpiles have increased for five straight weeks and currently stand at 14.4mt. At the end of August, stockpiles stood at 13.6mt. The stagnation in steel prices and increase in steel stockpiles has been an indication that the recent level of Chinese steel output had been exceeding demand.
Going forward, Chinese steel output is likely to come under a bit more pressure during the next few weeks. Although output has declined, it is important to recognize that Chinese steel output is still relatively high and in no way is the Chinese steel industry undergoing a major correction. Instead, steel output is only coming under a small amount of pressure, which has been necessary in order to draw down stockpiles and allow prices to find support. If Chinese crude steel output ends up totaling 57mt in October, this would still be 6.7mt (13%) more than was produced in October 2010” concluded Commodore.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
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- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- The University of Queensland
- VISA Power Limited - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
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