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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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Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
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- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
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