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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, 09 September 11
SUPRA BARA SECURES $20 MILLION LOAN - JP
The Jakarta Post reported that, Coal miner PT Supra Bara Energi says it has secured a US$20 million loan facility from BNP Paribas to buy heavy equi ...
Friday, 09 September 11
CAPESIZE CAN SECURE USD 17-18K SHORT PERIOD - FEARNBULK
Handy
The US Gulf has remained relatively steady, slightly more activity in the South Atlantic with owners aiming for low to mid USD 20k´s f ...
Thursday, 08 September 11
UKRAINES COAL PRODUCTION TO RISE 8% - IFANDP
Industrial fuels & power reported that, Ukraine will increase its coal output by about 8% this year compared to last year, said the country&rsqu ...
Thursday, 08 September 11
DRY BULK MARKETS RALLY COMES TO AN END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected by analysts and shipbrokers alike, the latest rally of the dry bulk market came to a halt yesterday, with the Baltic Dry Inde ...
Thursday, 08 September 11
TRADA MARITIME BUYS GUNUNG BARA UTAMA
Insider Stories reported that, PT Trada Maritime Tbk (TRAM) has purchased convertible bonds issued by PT Awesome Coal from Zakia Limited. The memora ...
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- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
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