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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, 14 August 11
SUPRAMAX CHARTER RATES SHARPLY UP - CAPT.REDDY
COALspot.com - The BDI ended positive with gains in Cape and Panamax index. The BDI was up by 1.50 pct and the cape and panamax index was up by almo ...
Saturday, 13 August 11
GMR HAS ENTERED INTO CSPA WITH GEMS TO ACQUIRE 30% STAKE
COALspot.com - GMR Infrastructure Investments (Singapore) Pte Ltd, a subsidiary of GMR Infrastructure, has signed conditional sale and purchase agre ...
Friday, 12 August 11
COAL MINERS WILL ALLOW TO CONSTRUCT MINE MOUTH POWER PLANT
COALspot.com - The government is set to draft a regulation to enable construction of steam-fired power plants (PLTU) by coal mining companies for th ...
Friday, 12 August 11
CAPESIZE DEMAND HELPS LIFTING OF DRY BULK MARKET - HELLENIC SHIPPING NEWS
The dry bulk market has recovered a small fraction of its lost ground this week, with higher returns as a result of increased capesize demand. This ...
Thursday, 11 August 11
INDO TAMBANGRAYA 1H NET PROFIT SOARS 53.09%
Coal miner PT Indo Tambangraya Megah Tbk (ITMG) today reported a 53.09% jump in net profit for the first 6 months of this year on the back of higher ...
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- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
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