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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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Friday, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
Friday, 18 May 12
KOREA EAST WEST POWER LOOKING FOR TOTAL 2.6 MILLION TONS OF 4600 NAR COAL AT FIXED PRICE FOR 5 YEARS
COALspot.com - Korea East West Power Co., Ltd is inviting bids to supply of 520,000 Metric Tons (per annum) of minimum 4,600 kcal/kg coal of N ...
Friday, 18 May 12
NICKEL ORE CARGOES ARE NOT SEEN IN MARKET ANYMORE DUE TO ON-GOING INDONESIAN BAN - FEARNLEYS AS
Handy
The market remained variable.
Fronthaul voyages both from Baltic and Black Sea paid over USD 18k/day. From USG to Cont tonnage would get ...
Thursday, 17 May 12
COAL MINERS OPPOSE EXPORT TAX, SUGGEST OUTPUT QUOTA - THE JAKARTA POST
The Jakarta Post reported that, coal miners have suggested that the government apply a production quota instead of implementing an export tax in ord ...
Thursday, 17 May 12
DRY BULK MARKET STILL LOOKING FOR NEW DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on moving sideways during this week, with the mixed performance across all segments. Yesterday, the industry’s be ...
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- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
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