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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, 01 January 12
IS INDIA FOLLOWING INDONESIA TO STANDARDIZE COAL PRICES TO GET MAXIMUM BENEFITS?
COALspot.com - Coal India limited, an Indian state owned and world largest coal producer has introduced gross calorific value (GCV) based pricing me ...
Saturday, 31 December 11
GLOBALCOAL NEWC INDEX SURGED 2.32 PERCENT
COALspot.com - globalCOAL index in Newcastle Port, benchmark for Asian market, ended substantially higher, surged 2.32 percent to US$115.47 per ...
Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbun ...
Friday, 30 December 11
CENTRAL GOVERNMENT SHOULD ISSUE PERMITS - THE JAKARTA POST
The Jakarta Post reported that, business associations from both the palm oil and mining sectors have suggested that the central government should re ...
Thursday, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and er ...
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- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
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