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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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Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, ...
Tuesday, 14 August 12
UNCERTAIN FUTURE FOR DRY BULK PANAMAX SHIPS - DREWRY / HELLENIC SHIPPING
The dry bulk shipping market is in a poor state, with the Capesize segment the worst of all. Unfortunately, the latest analysis from Drewry Maritime ...
Monday, 13 August 12
5TH VIETNAM PORTS AND LOGISTICS 2012
Press Release - Co-hosted by VINAMARINE, the 5th Vietnam Ports and Logistics2012 will feature dedicated sessions on port and transport infrastructur ...
Monday, 13 August 12
ACTIVE DRY BULK FLEET INCREASES BY 8% SO FAR IN 2012 IN TERMS OF TONNAGE CAPACITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s no wonder that the dry bulk market has been tethering since the start of the year. the overflow of tonnage has been so enormous, that eve ...
Sunday, 12 August 12
COAL FREIGHT RATES FALL FLAT TO SOFT ON OVERSUPPLY, WEAK DEMAND - VISTAAR SINGAPROE
COALspot.com - The BDI continued its fall 10th August.
This week all segments were down including BDI down by 9.15 pct closing at 774 points .The ...
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- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Australian Coal Association
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
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