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Tuesday, 01 November 11
DRY BULK MARKETS CORRECTION SPILLS OVER ONTO NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market is losing steam, as evidenced by the falls experienced last week, which were also apparent at the beginning of the new week. A lot of this fall is stemming from the fall of steel prices in China, which is pushing steel mills’ margins to near break-even levels, which in turn are causing them to limit their iron ore purchases. Yesterday, the Baltic Dry Index (BDI), the industry’s benchmark, was down by 2.63% to 1,965 points. The biggest losses were obvious in the Capesize sector, with the Baltic Capesize Index (BCI) losing 4.34% to 3,132 points. Similarly, all other shipping segments were down, with Supramaxes retreating the most (after Capesizes) to 1,531 points, down by 0.91% on the day.
According to the latest weekly report of Paris-based shipbroker Barry Rogliano Salles, there were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the losses were more constrained: the BPI dropped -4.3% to 1,939, the BSI -4% to 1,545 and the BHSI -4.8% to finish at 786. “Speculation is now rife concerning the fall in the iron ore price and whether it signifies a longer term trend in China. Ore prices experienced the biggest ever 7-day fall last week, and prices for immediate delivery of benchmark iron ore into China fell to $120/ton on Friday, down from $181 on 7 September” said the report.
It went on to mention that “historically, demand for ore has softened in China in September and October, but has recovered in the build up to Christmas as the country faces the worst winter conditions. This year the slump has lasted longer than normal, with low steel prices and credit problems discouraging buyers. However the current spot price is close to the break-even production price for Chinese domestic producers, suggesting to many that the international price will not fall much below that. Though CISA says it believes the price will fall further, other sources say there is no change to the fundamentals and buyers are withholding purchases in order to see where the market shakes out” said BRS.
Referring to the Capesize segment, the shipbroker mentioned that “the correction expected the previous week was finally apparent this week, with low levels of activity especially in the Pacific forcing rates down. Overall the 4TC dropped 9%, falling to $28,214 — the first time it has slipped below the $30,000 mark since 19 October. The main driver was an absence of Australian shippers, with the Hedland-Qingdao route seeing the most severe decline. This led to tonnage ballasting to Brazil, but here too cargo volumes were thinner. In the paper market, there was a similar pattern with November contracts losing $5,000 by Friday w-o-w. Monday saw another $1,500 wiped off the 4TC, a trend which if it continues could signal bigger losses this week” it mentioned.
Meanwhile, during the past week, the Panamax market became quieter after the recent recovery. “A clear pause in rising rates was recorded but we did not see the market dropping. The Panamax market has not said its last word however, while everyone expects a drop in rates in the near future. Transatlantic rates held up quite well in the $17,500-18,000 range or $22/pmt for USG to Continent voyage on LME, but P1A lost $700 over the same period. The number of open vessels did not build up as quickly as expected, but today’s update clearly indicates tonnage is building up now. In the Pacific, rates remained flat with high numbers seen for North Pacific voyage. P3A posted a $650 loss ending at $13,875 but some high fixtures were reported for very specific trades. Indonesia to China traded in the $9.40-$9.60 range in a downward trend and WCI to China trip lost some ground after being hot the last 3 weeks during the “postmonsoon rally”. The period market remained relatively stable in the high $14,000s per day for 4-6 months, with short period the main period traded for obvious reasons” said BRS.
Finally, commenting on the Supramax/Handy markets, the shipbroker said that “after a few weeks of a rising BSI, the trend has reversed again. The BSI lost about 4%, while the average of the TC routes lost $649 from Friday to Friday to reach an average of $16,155. The market was dropping heavily in the Pacific and the Nopac round voyage lost $1,607 to reach $12,217 by the end of the week. In the Atlantic the rates were coming off as well but at a slower rate. The US Gulf remained strong, with Supras getting fixed to the Far East at about $34,000 while the same route was fixed in the $36,000 the week before. Out of West Africa, Supras were getting about $14,000 for a trip via ECSA with redelivery in the Med. The Continent remained strong due to a lack of tonnage, and a Supra was fixed $17,500 delivery Continent via Baltic to the Red Sea with redelivery Port Said. Supra rates in the Pacific have been sliding fast. Iron ore exports from India, especially from ECI have all dried up. To add to that, Chinese demand for iron ore as well as coal has subsided and the prices for these commodities are falling fast. The short term perspective looks gloomy and owners are trying to give out their tonnage on short period, with Supras aiming for around $14,000” concluded BRS.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 03 November 11
DRY BULK MARKET OFFICIALLY IN THE RED ON LOWER CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept falling yesterday, on lower iron ore demand, which has caused the industry’s benchmark, the BDI (Baltic Dry Index) to ...
Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
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- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- VISA Power Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
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