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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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Tuesday, 21 February 12
THREAT ISSUED ON MINERAL FIRMS AS GOVT PLANS EXPORT BAN - THE JAKARTA POST
The Jakarta Post, one of the leading english news papaer in Indonesia reported that, the government has given mineral producers three months to subm ...
Monday, 20 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU
The dry market experienced one more disappointing week with tonnage oversupply and limited cargo demand that pushes earnings for shipping players to ...
Monday, 20 February 12
JATENERGY SECURES FIRST 8000-TONNE COAL SALES CONTRACT FOR JONGKANG MINES
8000-tonne contract with Singaporean buyer signed for March delivery
50% down payment due in five working days
Production continues at both Jongka ...
Monday, 20 February 12
DIAN SWASTATIKA ACQUIRES ANDALAN LESTARI - INSIDER STORIES
Insider Stories reported that, PT Dian Swastatika Sentosa Tbk (DSSA), controlled by Fuganto Widjaja, son of Indra Widjaja, reported a 99.83% takeove ...
Monday, 20 February 12
COAL BOOM AND ENVIRONMENTAL CONCERN - SUNIL K KUMBHAT
COALspot.com - The dawn of the 21st century has seen a shift in the world's commercial balance of power, with the dominance of the US, Europe and J ...
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- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- White Energy Company Limited
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
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