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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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Saturday, 17 March 12
THE FREIGHT RATES FOR INDONESIA TO INDIA REMAINED FIRM - VISTAAR SINGAPORE
COALspot.com - The market continued to be firm and all segments were up except for Cape Index which was down by 2.46 pct closing at 1,466 points.
...
Saturday, 17 March 12
INDIAN GOVT FINALIZES DRAFT BILL FOR COAL REGULATOR - PTI
The coal sector would soon get a regulator as the government has finalised a draft bill for the purpose, Coal Minister Sriprakash Jaiswal said Wedne ...
Friday, 16 March 12
THE PACIFIC MARKET IS FIRMING UP - FEARNLEYS AS
Handy
A slightly positive trend was seen last week in the Atlantic. Skaw-Passero deliveries fixed around USD 3k to US Gulf, while US Gulf deliveres ...
Thursday, 15 March 12
RAINS AVERAGE SELLING PRICE OF COAL WENT UP BY 22 % IN 2011
COALspot.com - PT. Resource Alam Indonesia Tbk, an Indonesian CCoW (3rd Generation) holder reported Wednesday a 171 percent increase in net profits ...
Thursday, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
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- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
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