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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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Friday, 30 September 11
INDIAN IRON ORE MARKET GETTING ACTIVE - FEARNLEYS AS
Handy
The Atlantic market continued its strong trend with fresh cargoes entering the market. Vessels open US Gulf fixed tick above US$ 27k back to t ...
Friday, 30 September 11
KRISHNAPATNAM PORT WINS GLOBAL PORT & COAL PORT OF THE YEAR AWARDS
COALspot.com - Krishnapatnam Port, a dynamic new generation world class port located in the East Coast of India has been adjudged the winner in the ...
Thursday, 29 September 11
INDONESIA'S MINERS FACE AN UNCERTAIN FUTURE - RUPERT WALKER
An evolving regulatory framework for the country's minerals industry could threaten its profitability and stifle investment.
The five-year surge ...
Thursday, 29 September 11
DRY BULK MARKET FALLS MID-WEEK, FURTHER DROP EXPECTED NEXT WEEK ON CHINA HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, as reflected by the Baltic Dry Index (BDI) retreated by 0.36% yesterday reaching 1,920 points, with the Capesize segment suffer ...
Wednesday, 28 September 11
ATLAS RESOURCES TO SELL 25% STAKE IN IPO - INSIDER STORIES
Insider Stories reported that, coal producer PT Atlas Resources Tbk, that is controlled by Indonesian businessman Andre Abdi, plans to sell 783.33 m ...
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- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Planning Commission, India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
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