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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, 04 February 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 6,000 PER DAY - VISTAAR
COALspot.com - The markets continued to soften which dropped by almost 11 pct and BDI closing at 647 points.
The drop in BDI was mainly due to dr ...
Thursday, 02 February 12
NO RELIEF YET FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although at the start of 2012 nobody can claim that the global seaborne trade has suddenly come to a halt, quite the contrary, it seems that the dry ...
Wednesday, 01 February 12
KRISHNAPATNAM PORT - GOING DEEP TO SOAR HIGH
COALspot.com - Krishnapatnam Port now rightfully claims as the deepest draft port in India, as it has started accepting vessels with maximum permiss ...
Wednesday, 01 February 12
IN JAMBI, MOST MINING COMPANIES LACK 'CLEAR-AND-CLEAN' PERMITS - JP
More than three-quarters of the 386 mining companies in Jambi lack “clear-and-clean” certifications from the government, according to an ...
Wednesday, 01 February 12
2% OF IBPS TOTAL CONCESSION AREA CONTAINS TOTAL COAL RESOURCE OF 56.1 MILLION TON
COALspot.com - PT. Britmindo, a mine consulting firm, has finalized PT. Insani Bara Perkasa (IBP) first JORC (Joint Ore Reserves Committee) res ...
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- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- White Energy Company Limited
- Australian Coal Association
- VISA Power Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- PTC India Limited - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
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