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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, 23 August 11
PENRHYN COAL USING EVERGREEN ENERGYS COAL UPGRADING PROCESS
Evergreen Energy Inc has announced the successful testing results of the initial batches of Penrhyn coal using Evergreen Energy’s coal upgradi ...
Tuesday, 23 August 11
A SHARP INCREASE IN THE BDI - BRS
A sharp increase in the BDI this week, driven by the rise in Capesize rates. Overall the BDI was up 13.5% to 1,462 points on the back of a 20% surge ...
Monday, 22 August 11
INDONESIA TO BAN BELOW 5700 KCAL/KG COAL FOR EXPORT
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia is in the process of drafting a regulation which is requiring mine owners ...
Monday, 22 August 11
JATENERGY AGREED TO FORM JV WITH AN INDONESIAN COAL MINING COMPANY
COALspot.com - Australian’s listed company, Jatenergy Limited has entered conditional agreement to form joint venture with Indonesia’s c ...
Monday, 22 August 11
NTPC TO IMPORT 16 MILLION TON OF COAL TO BRIDGE THE GAP
COALspot.com - NTPC to import 16 million tons of imported coal, which is equivalent to 23-24 million tons of Indian coal to bridge the gap.
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- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Australian Coal Association
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
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