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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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Monday, 22 August 11
MACRO ECONOMICS - PETER SAND BIMCO / HELLENIC SHIPPING
The US is jeopardising the global recovery as job creation remains top challenge across the board.
Global economy: While growth in most emerging ...
Sunday, 21 August 11
SUPRAMAX AVAILABILITY WAS TIGHT DUE TO UPCOMING RAMADAN HOLIDAYS
COALspot.com - The financial markets have been in turmoil with all major stock exchanges down and uncertainty prevails. However the shipping market ...
Sunday, 21 August 11
TUAH TURANGGA ACQUIRES DUTA NURCAHYA
Coal miner PT Tuah Turangga Agung, a wholly owned subsidiary of PT United Tractors Tbk (UNTR) via PT Pamapersada Nusantara), has agreed to acquire 6 ...
Friday, 19 August 11
INDIAS CICTL HAS ACHIEVED ONE MILLION TONS OF DISCHARGE
COALspot.com - Chettinad International Coal Terminal (CICTL) in Ennore port, a state of the art mechanized coal terminal, which was inaugurated on 28t ...
Friday, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
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- Thai Mozambique Logistica
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Planning Commission, India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
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