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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, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
Thursday, 05 April 12
COAL EXPORT TAX: MATTER OF CONCERN FOR INDIA - SUNIL K KUMBHAT
COALspot.com - Since the issuance of Indonesian Mining law in 2009, miners have increased their activities in exploring , ex ...
Thursday, 05 April 12
AKR COAL FIRST EXPORT SHIPMENT OF COAL SEABORNE
PT Anugrah Karya Raya (AKR Coal) subsidiary of PT AKR Corporindo Tbk., Indonesia’s leading integrated supply chain solutions provider and larg ...
Thursday, 05 April 12
DRY BULK MARKET STALLS AS TREND IS REVERSED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has halted its month-long rally, with the BDI (Baltic Dry Index) retreating yesterday for a second consecutive session. Industry ...
Wednesday, 04 April 12
OIL MAY JUMP TO $150PB IF IRAN ATTACKED: EXPERT - KUNA / HELLENIC SHIPPING
Prices of oil will not drop below level of $100 per barrel and may jump to $150 pb in the coming two months, according to the prominent Kuwaiti expe ...
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- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- White Energy Company Limited
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Planning Commission, India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
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