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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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Tuesday, 04 October 11
INDONESIA RAISES COAL BENCHMARK (HBA) FOR FIRST TIME IN 4 MONTHS
COALspot.com - Indonesia raised the monthly reference price for sales in October by 2.56 percent, the first increase since June.
The Ministry of ...
Tuesday, 04 October 11
COAL MINING GROUP WANTS EXPORT TAX, NOT EXCISE - JG
One of the leading English news paper in Indonesia, The Jakarta Globe reported that, the government shall reimpose a duty on coal exports, classifyi ...
Sunday, 02 October 11
INDIAN COAL IMPORTS PICKED UP - CAPT. REDDY
COALspot.com - The BDI dropped by 1 pct and Cape index dropped by 6 pct closing at 1,899 points and 3,136 points respectively. However all other seg ...
Saturday, 01 October 11
2012 TO BE ANOTHER CHALLENGING YEAR - CEO, REMI MARITIME
Shipowners are facing another challenging year in 2012 said Mr. Leonidas Polemis CEO of Remi Maritime Corporation, urging caution towards operating ...
Friday, 30 September 11
MINING BILL CLEARED, FIRMS TO SHARE 26% PROFITS WITH LOCALS - NDTV
NDTV reported that, The Union Cabinet cleared the draft mining bill aimed at regulating mining activities Friday. The bill proposes a profit-sharing ...
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- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Planning Commission, India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Anglo American - United Kingdom
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
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