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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, 05 July 12
BUMI ACHIEVES HIGHER SELLING PRICE IN FIRST QUARTER
COALspot.com - PT Bumi Resources Tbk (BUMI), Indonesia's largest coal producer and exporter, has successfully maintained a higher sales margin, des ...
Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
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- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
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