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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, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
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