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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, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
Monday, 16 January 12
BUMA MINED 2.7 MILLION TONS COAL LAST MONTH
COALspot.com - BUMA has mined 2.7 million tons (-14.1% YoY) coal last month and removed 25.8 million bcm (-5.6% YoY) overburden, according to compan ...
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- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Parliament of New Zealand
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
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