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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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Wednesday, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
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- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- MS Steel International - UAE
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- London Commodity Brokers - England
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- PTC India Limited - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
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