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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, 07 August 12
2ND ANNUAL FLOATING TERMINALS
Press Release - After a ground breaking and successful launch in 2011, the 2nd Annual Floating Terminals conferenceis back to address innovation, co ...
Tuesday, 07 August 12
KRISHNAPATNAM PORT HAS DISCHARGED 122,247 MTS OF COAL IN JUST 24 HRS
COALspot.com - Keeping with the tradition of the new records that are set at the Olympic Games 2012, Krishnapatnam Port has also achieved in setting ...
Tuesday, 07 August 12
THE JAKARTA POST EDITORIAL: REVISITING THE MINING LAW
The Jakarta post, one of the leading English news paper in Indonesia writes in its editorial today, what the domestic and foreign investors had drea ...
Tuesday, 07 August 12
BARAMULTI SET TO LIST ON BOURSE IN Q4 - JP
The Jakarta Post reported that, coal miner PT Baramulti Sukses Sarana is preparing to make its shares available to the public in the fourth quarter ...
Tuesday, 07 August 12
REALM RESOURCES COMPLETES STUDY ON ITS KATINGAN RIA COAL PROJECT
COALspot.com - Realm Resources Ltd. has announced that it has completed the Project Study for the Katingan Ria Project in Central Kalimantan, Indone ...
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- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
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