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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, 27 October 11
CAPESIZE REACHING NEW HIGHS - FEARNLEYS
Handy
Pacific market has mixed sentiments with tonnages fixed at firm levels and some tonnages in feast failing on subs.For indo-india, large eco ...
Thursday, 27 October 11
DRY BULK MARKET EDGES DOWN AS CHINAS IRON ORE DEMAND LOSES GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A plunge in Chinese iron ore demand, as a result of high steel inventories and a bleak outlook regarding steel prices, has prompted the dry bulk mar ...
Thursday, 27 October 11
BUKIT ASAM 3Q PROFIT SURGES 66.91%
Insider Stories reported that, the state-controlled coal miner PT Bukit Asam Tbk (PTBA) experienced a 66.91% increase in its net profit during a per ...
Wednesday, 26 October 11
MOODYS SEES MORE GROWTH FOR INDONESIAN COAL MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal mining industry looks set to grow despite an uncertain global economic outlook, according to ...
Wednesday, 26 October 11
PWCS GLOBAL SHIPPING BENCHMARKING ANALYSIS: RECOVERY IN 2010 BUT GREAT UNCERTAINLY FOR 2011
The recovery of global trade in 2010 to the same levels as 2008 led to an improvement in the overall performance of shipping companies in 2010 compa ...
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Showing 5006 to 5010 news of total 6871 |
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- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
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