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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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Saturday, 28 July 12
CAL 2013 COAL SWAPS ARE HIGHER COMPARED TO SEPT 2012 PRICES
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 0.47 percent on Friday (27 July 2012) closing DoD but lost 0.90 ...
Friday, 27 July 12
PACIFIC MARKET REMAINED FLAT - FEARNLEYS AS
Handy
The Atlantic market continued its downward trend from last week with what appears to be a summer lull across the board. A trip from the USG t ...
Wednesday, 25 July 12
BUKIT ASAMS H1 REVENUE JUMPED BY 13 PERCENT
COALspot.com - PT Bukit Asam (Persero), Tbk., the state owned coal miner's revenue in H1 2012, has jumped 13 percent to IDR 5.79 trillion (approxim ...
Wednesday, 25 July 12
BUMI RESOURCES MINERALS SECURED PINJAM PAKAI FOR ITS ZINC AND LEAD PROJECT
COALspot.com - PT Bumi Resources Minerals Tbk. ("BRMS" or "the Company") today reported that its 80% owned subsidiary, PT Dairi ...
Tuesday, 24 July 12
SHIP OWNERS WAITING FOR SHIP PRICES TO FALL FURTHER BEFORE MOVING IN MORE AGGRESSIVELY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the summer season already well under way and many ship owners getting ready for the autumn, the sale & purchasing activity of second hand v ...
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- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
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