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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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- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- The University of Queensland
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
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