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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
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
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- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Minerals Council of Australia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
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