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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, 01 March 12
INDO-INDIA, LARGE ECO SUPRA CAN FETCH CLOSE TO USD 9K DOP N.CHINA - FEARNLEYS AS
Handy
The Atlantic Handysize market did not see any signs for recovery this week. It is still a major lack of spot cargoes and an oversupply of pro ...
Wednesday, 29 February 12
69 MINERS AGREE TO RENEGOTIATE CONTRACTS - THE JAKARTA POST
The Jakarta Post, one of the leading English news papaer in Indonesia reported that, as many as 60 coal contracts-of-work (PKP2B) and nine non-coal ...
Wednesday, 29 February 12
PUTTING COAL GASIFICATION TO WORK
Clifford Reese of the SSOE Group looks at practical solutions for district energy leaders who wish to implement clean coal technology.
Coal fuels ...
Monday, 27 February 12
COAL MINING PROFITS TOO HIGH, SAYS GOVT - TEMPO INTERACTIVE
Tempo Interactive reported that, Energy and Mineral Resources Deputy Minister of Indonesia Widjajono Partowidagdo has criticized coal-mining compani ...
Monday, 27 February 12
INDONESIAN COAL EXPORTS TO CHINA DROPS 39.76 PERCENT IN JANUARY 2012
COALspot.com: Indonesia, the world largest coal exporter, shipped 28.21* mln mt of coal in January 2012, slightly lower than its December 2011 ...
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- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
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