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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, 16 November 11
TAX OFFICE VOWS TO CRACK DOWN ON COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry’s Directorate General of Taxation says that it will strengthen its supervision of coal mi ...
Wednesday, 16 November 11
A STRONG WEEK FOR THE CAPES - BRS
A sharp bounce by the Cape market pushed the BDI up by 3% last week. This was despite a softening in the other indices with the Panamax, Supramax an ...
Monday, 14 November 11
BORL SEEKS 660K MT OF LOW SULPHUR COAL
COALspot.com - BORL India has issued a tender for around 660,000 MT of 4500 - 5500 kcal/kg sub-bituminous Coal.
Bharat Oman Refineries Ltd ...
Sunday, 13 November 11
BUNKER PRICES REMAINED FIRM
COALspot.com - The market seemed to recover this week with the BDI and Cape Index up.
The BDI was up by only about 2.86 pct closing at 1835 point ...
Saturday, 12 November 11
COALINDO ENERGY LAUNCHED INDEX FOR 3400 GAR COAL
COALspot.com - PT Coalindo Energy, in cooperation with Argus Media Limited, launched the coal index for low-rank coal with a calorific value of 3,40 ...
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- India Bulls Power Limited - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
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