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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, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Bhatia International Limited - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Trasteel International SA, Italy
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