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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, 07 January 12
COAL MARKETS SEE FALLING SPOT PRICES
COALspot.com – World’s thermal coal spot prices have slipped this week..
globalCOAL index in Newcastle Port, benchmark for Asian mark ...
Friday, 06 January 12
COAL INDIA LINKED COAL PRICES WITH INTERNATIONAL COAL PRICES
COALspot.com - Consumers of indigenous coal in India to pay International prices in the future. Coal India has recently moved from UHV pricing mecha ...
Friday, 06 January 12
CLARIDEN GLOBAL BRINGS YOU INDONESIA MINING 2012
Capitalizing Business & Investment Opportunities in an Uncertain Market.Press Release - Clariden Global brings you Indonesia Mining 2012, the dedi ...
Friday, 06 January 12
THE PANAMAX MARKET EXPERIENCED A SLOW START TO 2012 - FEARNLEYS AS
Handy
As usual after a holiday owners and charterers both try to get a feel of the market. An Armada of Supras were talking to ballast towards USG, ...
Thursday, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pus ...
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- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- The University of Queensland
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
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