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