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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 $14,000” concluded BRS.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
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- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- The University of Queensland
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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