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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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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 ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
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