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Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
 The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the last 26 years of 662 points on February 2nd. Smaller vessel categories, supramax and panamax, are moving higher due to strong fixture activity in both the Atlantic and Pacific basins with capesizes being still under serious pain from hefty overtonnage and fragile Chinese iron ore import market sentiment. Overall, all vessel indices ended in green, apart from capesizes, with supramax and handysize units experiencing the sharpest gain, near to 9% in contrast with a 6.7% rise in the panamax and 6.6% fall in the capesize segment.
The first quarter of the year is about to end with capesize average time charter earnings falling below $5,000/day, while supramax vessels are earning more than $10,000/day and panamax are trading at almost the same levels with handysizes, more than $8,000/day. The BDI seems that will break the psyclological barrier of 1,000 points in the second quarter of the year as it regains strength from the firm demand for coal, grain and minor bulk cargoes. In terms of coal demand, the prospects are overwhelming for Chinese demand as China imported approximately 20.55 million tons of coal in February, 850,000 tons (4%) more than imported in January and an amazing 204% increase from February 2011 levels.
Capesize vessels seem that will suffer for a longer period of time as Chinese inventories remain hefty, despite their fall to 99,4 million tons, 500,000 tons less than a week ago. In addition, China’s government announcement for an economic growth of less than 8% in 2012 pours more uncertainty in the already volatile iron ore market for the massive buying power of the world’s largest iron ore consumer. BHP Billiton is predicting that the growth of seaborne iron trade will amount to little more than 4.4% over the course of this decade, nearly half the 8.4% growth figure achieved between 2000 and 2010.
One positive sign is that China’s daily crude steel output stood at 1,898 million tones for the first ten days of March, surging 13% from the preceding period, according to data from the China Iron & Steel Association. Steel demand has started to pick up in the world’s top consumer during March amid a gradual recovery in construction activity, but buyers remain wary about a slowdown in economic growth, which may continue to weigh on the steel sector. “Steel demand is warming up as more construction projects resume, but it is still weaker than the corresponding period of last year,” said a steel trader in Beijing.
Fears for the negative impact of last week’s tropical cyclone on the capesize segment have gone as shipping operations at the major Australia’s Port Hedland have now resumed. However, capesize vessels lost more ground this week with average time charter earrings falling to the lowest levels for over a year. The BCI has lost 97 points on a weekly basis by standing at 1,369 points, 6.6% down from previous week’s closing with vessels trading at levels of $$4,546/day, when last year were earning more than $10,000/day. Capesize spot rates on Australia to China have dropped to $7.45 per tonne, which shows a return of about $1,500/day for 180,000 dwt tons capesize vessel.
In the panamax segment, South American grain demand remains the key driver force, with BPI posting a 6.7% rise by gaining 65 points more than previous week and vessel earnings moving to more than $8,000/day. But, panamax earnings are still far below than last year’s levels, when there were more than $16,000/day, as they are facing the same headache with capesize vessels, the pain of oversupply.
Supramax and handysize units are on the spotlight as being the star performers from March 2nd by showing continuous weekly increases. The BSI ended at 1035 points last Friday, showing a 39% rise from the beginning of March with vessels earning more than $10,000/day, 35% lower than last year’s levels. The BHSI ended at 551 points, 26% up from the beginning of March with vessels earning more than $8,000/day, 29% less than last year.
Amid the volatile Chinese iron ore import market sentiment and the negative forecasts for a slow Chinese economic growth, Australia expects to produce record tonnages of iron ore through much of the decade, nearly all of which will be used to manufacture steel in demand. Australia iron ore exports are estimated to increase by more than 50 percent by 2016/17 compared with last year. Government data release anticipates still strong demand from Chinese steel mills, the biggest buyers. Exports will rise by an annual rate of around 11 percent to reach 767 m million tonnes in 2016/17, the Bureau of Resources and Energy Economics (BREE) predicted.
Rio Tinto, the world’s second largest iron ore producer, said that it plans to boost the output from its mines in Australia western Pilbara to 283 million tonnes per year by the second half of 2013, up from the current 225 million tonnes. David Joyce, managing director of expansion projects, said that although the rate of GDP growth in China is slowing, they remain confident on the basis of the figures that they have seen for a solid growth this year. A positive development for the fate of capesize operators is that Chinese steel demand has started to pick up amid a gradual recovery in construction activity.
Although the negative sentiment that currently persists in Chinese iron ore market, with worries for a long last recession in the world’s largest consumer country, big miners are betting on a soft landing for the world’s second biggest economy. It is believed that China’s import demand would continue to grow over the next several years, albeit at a slower pace, which should be enough reason for commodity producers to continue their expansion plans. “Nobody is saying that demand growth in China for iron ore is going to go away, just that growth rates will not be as high as they were,” said Mike Young, managing director of BC Iron, which relies on sales to China for all its revenue. Furthermore, recent investigations by Raw Materials Group revealed that global iron ore demand is set to double to around 3.5 billion tones per year by 2030, with Chinese appetite for the commodity continuing to drive the market, albeit at a slower pace than during the last decade.
Source: Maria Bertzeletou, Hellenic Shipping
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Monday, 20 August 12
CHINESE COAL SWAPS RISE, INDONESIAN COAL CONTRACTS SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost -2.05 percent W-o-W on Friday (17 August 2012) closing but gained ...
Saturday, 18 August 12
BULK FREIGHT MARKETS CONTINUED THEIR DECLINE IN LINE WITH WEAK DEMAND - VISTAAR
COALspot.com - This week also the indices fell on all segments with BDI touching lowest in almost 3 years.
The BDI closed at 714 points down by 7 ...
Thursday, 16 August 12
PUBLIC PRIVATE PARTNERSHIPS CONFERENCE 2012
Press Release - Asia’s Premier Public Private Partnerships Conference 2012 will showcase commercial opportunities for investors and developers ...
Wednesday, 15 August 12
UT GENERATED RP 3.09 TRILLION NET INCOME
COALspot.com - As of June 2012 Indonesia’s heavy equipment market grew 14%, from 8,448 units to 9,618 units (based on UT’s internal mark ...
Tuesday, 14 August 12
SAKARI ENTERED INTO JV IN CAMBODIA TO EXPLORE COAL OPPORTUNITIES
COALspot.com - Sakari joints hands with The Royal Group of Companies in Cambodia to explore and develop coal opportunities throughout the country.
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- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Petron Corporation, Philippines
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
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