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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, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
Tuesday, 07 February 12
DRY BULK MARKET FINALLY STOPS DECLINE, POSTS FIRST RISE IN MORE THAN A MONTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After falling to near record lows, not seen since the mid-80s the dry bulk market has finally stopped its path to "hell", with the industr ...
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- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- The State Trading Corporation of India Ltd
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