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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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Thursday, 12 July 12
SOUTHGOBI RESOURCES ANNOUNCES NOTICE OF INVESTMENT DISPUTE FILED AGAINST MONGOLIAN GOVERNMENT
Press Release - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi”) announced today that SGQ Coal Investment Pte. Ltd., a wholly ...
Wednesday, 11 July 12
HBA DROPPED SHARPLY IN JULY
COALspot.com - Indonesian HBA fell to lowest level since September 2010 in July 2012. The monthly coal reference price for coal sales this mon ...
Wednesday, 11 July 12
SUB-BIT FOB INDONESIA COAL SWAP LOST $ 1.26 PER TON
COALspot.com - Sub-Bit FOB Indonesia Coal decline for a second day yesterday, according to SGX AsiaClear OTC Coal Swaps. The prices for shipments to ...
Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were hig ...
Saturday, 07 July 12
INDONESIA-JAPAN RELATIONS TURN SOUR - THE JAKARTA POST
The Jakarta Post, the one of the leading Indonesian English new papers reported that, Bilateral relations between Indonesia and Japan have recently ...
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- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
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