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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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Sunday, 19 February 12
THE SPOT FIXTURE RATES WERE REPORTED AT HIGH LEVELS - VISTAAR
COALspot.com - "The markets seems to holding back this week appears the momentum which picked up last week may slow down" - Capt. Reddy of ...
Sunday, 19 February 12
INDIKA ACQUIRES MULTI TAMBANGJAYA - INSIDER STORIES
Insider Stories reported that, PT Indika Energy Tbk (INDY) announced that wholly-owned subsidiaries have signed a conditional sale and purchase agre ...
Friday, 17 February 12
COLOMBIA COAL PRODUCTION, EXPORTS JUMP IN 2011: GOVT - COLOMBIA REPORTS
Colombia Reports reported that, colombia's coal production jumped 15.4% in 2011 to 85.8 million tonnes versus the previous year while exports rose ...
Thursday, 16 February 12
GEARING UP FOR THE EMERGING OIL & GAS OPPORTUNITIES IN MYANMAR
Press Release - Myanmar Ministry of Energy and Centre for Management Technology (CMT) to Co-host MOGP (Myanmar Oil, Gas & Power) Summit on 28 - ...
Wednesday, 15 February 12
HBA FOR FEB 2012, CLIMBS 2.09 PERCENT AND REACHED US$ 111.58 PER TON
COALspot.com - The Indonesian coal reference price for February climbs 2.09 percent to US$111.58 per ton after losing past three months. ...
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- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- PTC India Limited - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
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