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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 $27.3bn (£17bn) which was a six-month high. Analysts said while the closure of establishments during the Chinese New Year affected the numbers, the decline could not be attributed to the festival alone.They said that the bigger-than-expected drop, especially in imports, was worrying as it gave an indication of slowing growth. A fall of over 15% in January cannot be entirely explained by the lunar calendar, and adds weight to the view that economic output is slower than headline indicators might suggest
The China Federation of Logistics and Purchasing reported that the import index for January fell to 46.9 from 49.3 in the previous month, showing slowing demand at home. Despite these numbers, analysts said the dip was likely to be short-lived and imports may start to rise in the coming months.
Even the latest statistics data reveal a strong impact of the debt crisis on China’s trading activity; we will wait to see what the first quarter of the year will bring since January data usually give a distorted picture.
Source: Maria Bertzeletou, Hellenic Shipping
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Wednesday, 15 February 12
HBA FOR FEB 2012, CLIMBS 2.09 PERCENT AND REACHED US$ 111.58 PER TON
COALspot.com - The Indonesian coal reference price for February climbs 2.09 percent to US$111.58 per ton after losing past three months. ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- The University of Queensland
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Larsen & Toubro Limited - India
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