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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, 23 July 12
NTPC INVITES BIDS FOR 2.6 MILLION TONS OF LOW MOISTURE IMPORTED COAL
COALspot.com - India’s largest electricity generator, NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government ...
Sunday, 22 July 12
NEW CHAIRMAN FOR AUSTRALIAN COAL ASSOCIATION
The Australian Coal Association (ACA) announced that Mr Ross Willims has been appointed as its new independent Chairman effective November 5 2012. M ...
Sunday, 22 July 12
CENTRAL KALIMANTAN COAL RAILWAY NETWORK WILL BE BUILT BY 2015 - THE BORNEO POST
The borneo post reported that, a declaration to build a coal railway network is signed today (12/07/2012) in front of the Indonesian Vice President ...
Sunday, 22 July 12
COAL PRICES IN MIXED TRENDS; STOCKS REMAIN HIGH AT BOTH ENDS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery fell 0.99 percent on last Friday closing (d-o-d) and 1.19 percent com ...
Sunday, 22 July 12
TATA POWER SIGNS A LONG TERM COAL SUPPLY AGREEMENT WITH PT ANTANG GUNUNG MERATUS, INDONESIA
COALspot.com - Tata Power, India’s largest integrated power utility, last Friday announced that it has signed a long term coal suppl ...
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- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- The University of Queensland
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
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