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Monday, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
 The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on December 5th, 2008 .The first day of February commenced with the BDI closing at 662 points, the lowest level that the market has seen in the last 26 years and ongoing fears for the operational profitability of dry bulk players for the year ahead. During the last week, the BDI showed an upward trend by gaining for four consecutive days more than 10 points, but it is still trading below the psychological barrier of 1,000 points mark. Overall, the BDI closed on Friday of February 10th at 715 points, up by 10.5% from last week’s closing, with the panamax size outperforming over other vessel categories. All vessel sizes apart from handysizes showed upward movements from the trading bottom lows that hit shipping operators during the last days of January. The BPI showed a remarkable 39.5% week-on-week increase in contrast with a 4.1% week-on-week fall in the BHSI.
For large size vessels, capesizes, conditions remain very weak with the market needing more cargo input to absorb the oversupply headache. The Baltic Capesize Index remained almost stable, up by 1% week-on-week, by gaining 21 points from previous week, by closing at 1457 points with activity in the Atlantic market being slow from very limited cargo demand, while interest from Brazil to China is scarce. The heavy weather in the ports of Australia and Brazil, the main iron ore producers, along with the Chinese ban on the entrance of Vale’s mega very large ore capes into Chinese ports have created more downward pressure in the already fragile market given the slow Chinese steel activity during Chinese New Year.
The panamax market seems to be the first one that has shown strong signs of recovery from the end of Chinese holidays with the sentiment being improved for Atlantic traders and a flurry of period activity from firm South American demand. The BPI closed at 967 points, up 274 points, recording a remarkable increase from previous week and showing healthier average time charter earnings. For supramax vessels, condition in the Atlantic market is still in the doldrums with some improvement reported in the Pacific market. The BSI showed a better performance than capesizes by moving 6% higher than previous week and hopes for a firmer rebound in the following days. The BHSI lost 16 points by recording a 4% week-on-week decline as it seems that the large percentage of overaged vessels in this category has started to stress the market significantly and more intense scrapping activity is needed.
Will the BDI continue its upward movement? Will capesizes find a firmer support? The iron ore demand and China’s economic activity are the two key factors for the revival of dry operators.
BHP Billiton, the world's no. 3 iron ore miner, said in Reuters that fundamentals for iron ore demand remain strong, with Chinese steel making expected to pick up following the lunar New Year and with Indian iron ore supplies lagging expectations. Furthermore, Anglo American’s Kumba Iron Ore CEO Chris Griffith said that global iron ore demand is likely to improve over the medium-to-long term. Global demand for iron-ore would remain dependent on steel manufacturing in China, which accounted for more than two-thirds of demand, but which had had a relatively subdued second half during 2011. The JSE-listed miner held a positive view on the market from the second half of 2012. But over the first six months of 2012, the iron-ore market was expected to maintain its current market conditions. Zhu Hongreng, Chief Engineer of Ministry of industry and Information Technology of PRC, pointed out that China steel industry is to encounter tougher challenging in 2012 due to heightened unbalance between supply and demand arising from dwindling demand and further squeezed profit margin of domestic steel mills on rising iron ore prices.
However, the economic activity of China gives weak signs and brings some uncertainty regarding the Chinese import and export market sentiment. According to Custom’s Administration, China’s exports is estimated that dipped by 0.5% from a year earlier, the first decline in more than two years, raising fresh concerns about the impact of a global slowdown on its economy. Imports fell by 15.3%, resulting in a trade surplus of $27.3bn (£17bn) which was a six-month high. Analysts said while the closure of establishments during the Chinese New Year affected the numbers, the decline could not be attributed to the festival alone.They said that the bigger-than-expected drop, especially in imports, was worrying as it gave an indication of slowing growth. A fall of over 15% in January cannot be entirely explained by the lunar calendar, and adds weight to the view that economic output is slower than headline indicators might suggest
The China Federation of Logistics and Purchasing reported that the import index for January fell to 46.9 from 49.3 in the previous month, showing slowing demand at home. Despite these numbers, analysts said the dip was likely to be short-lived and imports may start to rise in the coming months.
Even the latest statistics data reveal a strong impact of the debt crisis on China’s trading activity; we will wait to see what the first quarter of the year will bring since January data usually give a distorted picture.
Source: Maria Bertzeletou, Hellenic Shipping
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Thursday, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
Wednesday, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
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- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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