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Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
 The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a positive note for the dry bulk shipping environment. The capesize segment is still distrustful, but industry players are seeing in a stronger Chinese iron ore demand as we move towards April and Chinese steel mills are resuming their production. According to data from the China Iron Ore & Steel Association, China’s crude steel output rose 1.1% in the second ten days of March, 11-20, from the preceding period, standing at 1,919 million tones from 1,898 million tones in the previous ten days.
Brazil’s Vale, the world’s second largest mining company, shares the same view with its Australian rivals, Rio Tinto and BHP Billiton for a moderate Chinese iron ore demand holding an optimistic position given the large steel production capacity of China. Vale forecasts that steel output in China will grow 5% this year after expanding more than 10% a year ago. One more positive sign is that Chinese February iron ore imports improved, after a weak January, totaled 65.0mt, up 10% m-o-m and 33% y-o-y, while Chinese iron ore inventories are falling for a second consecutive week to less than 100million tons.
In terms of vessels earnings, supramax and panamax segment show a stronger picture than capesizes, whose average time charter earnings are still floating below $5,500/day. Strong South American grain demand and an increase in coal exports from U.S. and Europe provide a firmer support in the panamax market with earnings almost 40% more than capesize vessels, while supramax vessels are trading at levels 108% higher than capesize and 28% than panamax earnings. However, heavy rains in Eastern Australia led to a temporary operating suspension at several coal mines resulting in slower Australian coal fixture volumes that may have an impact on the vessel earnings of smaller vessel sizes, panamax and supramax.
During the last week of March the BDI ended again in green, following its constant small rise from February 10th, by gaining at an average 36 points per week, and standing one breath from breaking the psychological barrier of 1,000 points mark
The index closed on Friday 30th March, at 934 points, down by 2.4% from last week’s closing and down by 39% from a similar week closing in 2011 when it was 1,520 points. The BSI showed a soft decline of 0.48% after 5 weeks of consecutive gains, while the BCI posted the strongest performance this week with a 3% rise. The BCI gained 43 points by closing at 1412 with vessels earnings rising to $5,188/day, $3,384/day less than handysizes, showing an increase of $642/day on a weekly basis. At similar week in 2011, capesizes were earning $10,554/day, when supramax and panamax average time charter earnings are floating at levels more than $15,000/day.
In the panamax segment, the BPI rose to 1051 points from 1036 last week, 1,45% up, with vessel earnings still floating at levels below $9,000/day, while supramax vessels persist to show the most solid performance with earnings more than $10,000/day. Handysize units are trading at levels similar with panamax by earning $8,572/day, when at similar week in 2011 handysize vessels were earning more than $11,000/day.
The last week of March ends with some interesting news that reshapes the dry bulk shipping environment. Brazil’s Vale senior executive stated in Reuters that it expects to win permission within months to unload its very large ore carriers at Chinese ports, a move that will ensure efficient delivery of raw materials to China’s growing economy. The ships, known as very large ore carriers, or "Valemax" class vessels, are needed to meet soaring demand for iron ore, the main ingredient in steel, Tito Martins, Vale's CFO, said in an interview at the Reuters Global Mining and Metals Summit. China's economy expanded by $2-trillion in the last decade as growth averaged about 11%, he said. In the next decade, he predicted, it will expand by $4- trillion, even if growth slows by more than a third. "Even if they grow at 7%, taking into account the size of the gross domestic production today, this growth in the next five to 10 years will be much bigger than before”, he said.
"A slowdown in China doesn't necessarily mean a recession," Martins said, adding that the steel business has been growing at rates faster than the overall economy. He said that Iron ore prices are likely to remain above $120/ton in the next several years because demand remains strong and at prices below that, Chinese producers of low quality ore begin to lose money. "The $100 to $120 a ton level is a level where many marginal producers start having difficulty. He also mentioned that Vale needs the very large ore carriers to compete with Australian ore producers such as BHP Billiton and Rio Tinto, which are closer to China and pay about half the transport fees to move their product to the world's largest ore market as Brazilian producers do. The first of the 400 000-deadweight-tonne Valemaxes began operating late last year. Vale hopes to build 35 by the end of 2013, at a cost of about $4.2 billion.
One more outstanding of this week's developments was the news for Rio Tinto’s joining in the new trading mechanism launched by the China Beijing International Mining Exchange (CBMX), as a second foreign miner after Australia’s Fortescue Metals Group. "We welcome the development of CBMX as it gives us a new option for selling any available tonnes to China, over and above those already contracted," Rio's iron ore president for Asia, Alan Smith, said in a statement on Friday. Brazilian miner Vale SA also signed a memorandum of understanding with CBMX as it pledged to support the electronic trading platform, the exchange said in a statement. The trading platform, which provides a domestic rival to the Global Ore trading exchange backed by mining giant BHP Billiton , will start official trading on May 8. China, the world's top iron ore buyer,which consumes around 60 percent of global seaborne ore, hopes the exchange will help the country to gain more pricing control and also reduce speculation and manipulation in the spot market. Chinese mills including Baosteel, Hebei Steel, Wuhan Steel, Shougang and Angang as well as large iron ore traders China Minmetals and Sinosteel have joined the new iron ore trading network.
As we move in the second quarter of the year dry bulk freight rates are expected to remain weak as Chinese iron ore inventories are still escalating with some signs for a stronger Chinese iron ore demand from expectations for a rebound in Chinese steel production. Upcoming prospects for thermal coal demand remain very promising with estimations for a surge in thermal coal fixture volume by the end of April due to maintenance in the Daqin railway and a seasonal restocking for peak summer demand season. The dry bulk fleet continues to expand and the shipments of iron ore, a raw material for steel, which account for around a third of seaborne volumes for capesize vessels, will be the main key force along with Chinese steel demand for an upturn of the dry freight market at levels more comforting than the current pessimistic outlook.
Source: Maria Bertzeletou, Hellenic Shipping
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Thursday, 26 April 12
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
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- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
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