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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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Wednesday, 26 October 11
INDIAN MARKET WAS REMAINED TIGHT THE WHOLE LAST WEEK - BRS
The market once more seems to be at a crossroads. The indices last week remained fairly stable (except for the Panamax sector), ending the week as f ...
Tuesday, 25 October 11
DRY BULK MARKET STEADY, ANALYSTS LOOKING FOR ADDED PRESSURE ON THE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was unchanged on Monday, with the industry’s benchmark, the BDI (Baltic Dry Index) ending the session at 2,153 points, exa ...
Monday, 24 October 11
NEW HEAD OF INDONESIA'S MINING MINISTRY GETS RAKED OVER THE COALS - JOSEPH KIRSCHKE
COALspot.com - Following Indonesia’s presidential cabinet shakeup last week, many are questioning the qualifications of Energy and Mineral Res ...
Monday, 24 October 11
CHINA QINHUANGDAO COAL PRICE RISES TO HIGHEST IN THREE YEARS - BUSINESSWEEK
Business week reported that, China’s power-station coal price rose to the highest level in three years as power stations and central heating p ...
Monday, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
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- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Minerals Council of Australia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
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