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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, 06 August 12
3RD ANNUAL INDONESIA POWER
Press Release - 3rd Annual Indonesia Power is Indonesia’s premier power event, where commercial opportunities and new projects are identified. ...
Monday, 06 August 12
COAL EXPORTS COULD ADD $2B TO $6B ANNUALLY TO U.S. ECONOMY - HELLENIC SHIPPING
Business groups backing Pacific Northwest coal export proposals on Thursday lauded a new report that claims increased U.S. coal exports could bring ...
Sunday, 05 August 12
SUB-BIT INDONESIA COAL SWAPS ARE WAY UP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 1.36 percent on Friday (3 August 2012) closing W-o-W but gained& ...
Sunday, 05 August 12
INDONESIA'S ADARO TRIMS PRODUCTION FORECAST, CITES BAD ECONOMY - THE JAKARTA GLOBE
The Jakarta globe reported that, Adaro Energy, the country’s second-largest coal producer, has cut its annual production forecast to between ...
Sunday, 05 August 12
DRY BULK FREIGHT MARKET TO STAY WEAK NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com - The freight market continued to soften further in all segments.
The BDI was down by 8.68 pct closing at 852 points. The cape index ...
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- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Marubeni Corporation - India
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