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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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Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
Friday, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
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- Eastern Energy - Thailand
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- GMR Energy Limited - India
- ASAPP Information Group - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
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