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Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchmark, the Baltic Dry Index (BDI) didn’t manage to change, remaining stable compared to last week’s closing at 928 points. The slight increase of demand and rates for the larger dry bulk carriers was once again offset by falls in the smaller ship types, in a reversal of the pattern observed a few weeks ago, when it was the smaller dry bulk carriers which were leading the gains and the larger ones suffering losses.
Yesterday, the Capesize Index was up by 24 points to 1,531 points, followed by marginal gains of four points for the Panamax market. By contrast, the Supramaxes kept their falling trend, losing an additional 13 points to 936 points, while Handies were also down by 7 points to 540 points.
In terms of sentiment, during the first week of the month, Chinese iron ore fixtures were increased by an impressive 53% week on week, based on data compiled from Wells Fargo Securities. It was the highest level since February of 2011, with an upward direction in the average time charter earnings of capesize units. Chinese iron ore inventories are falling giving signs for a stronger support in capesize earnings, while supramax average time charter earnings are still hovering more than 37% above capesizes.
Meanwhile, as it was announced yesterday, China's imports of major commodities fell in March from a month ago, but defied expectations of large corrections to hover near recent highs, as companies built stocks in hopes the world's second-largest economy would pick up in the second quarter. Iron ore shipments were at 62.87 million tonnes, down just 3 percent from the 13-month high recorded in February. But analysts warned that stockpiles of copper and iron ore have already risen to lofty levels after months of feverish imports and China's appetite could ebb in the second quarter.
For China's commodities demand to stage a convincing rebound, Beijing must further loosen monetary policy and more crucially, relax a year-long clampdown on the property sector - a major driver of commodities consumption that made up 13 percent of gross domestic product in 2011. Traders and analysts reckon the government cannot afford to keep much longer property curbs that were choking off a crucial source of funds to local governments already swamped by loans.
In a separate note, issued here on Hellenic Shipping News Worldwide, from Maria Bertzeletou, stated that “a positive sentiment is being fuelled in the iron market with Australian miner Fortescue, following the strong position of its rivals, stating that despite talks of slowdown, China’s economy is expanding at a relatively healthy pace, supporting demand for raw materials such as iron ore and steel for infrastructure development and consumer prod ucts. In the panamax market, there is still grain activity from South America moving cargoes to the Continent and Mediterranean, but rates are floating at steady levels with vessels earning $8,277/day, down by 1.3% week on week. The BPI ended at 1036 points, falling by 15 points from previous week, when at the week ending March 16th has recorded the biggest gains by moving upwards 82 points, 9.2% increase.
Even the positive prospects for smaller vessel sizes, supramax vessels have shown, during the last two weeks, a weaker performance with the BSI loosing this week 81 points, by falling to 949 points with vessels trading at $9,928/day, when last year they were floating at $15,345/day, up by 55% from the current levels and 83% higher than capesizes. However, strong signs for Chinese thermal coal activity, the large decline in Qinhuangdao coal stockpiles, the upcoming maintenance of the Daqin railway and seasonal restocking for peak summer demand will affect positively the supramax rates. One short term negative factor for the segment could be the announcement from BHP Billiton declaring that it can not meet its coal delivery obligations because of a strike by 3,000 workers at seven coal operations in Queensland and wet weather, which may cause a further downward sentiment in the supramax market.
The outperformance of the capesize segment among other vessel categories brings a positive feeling with no guarantees for its stability, since there is undoubted that China’s iron market sentiment for this year will pour biggest risk for capesize operators amid oversupply issues. One recent worrying sign is that Brazilian iron ore conglomerate, Vale, has decided to move in the idling of two of its very large ore carriers and delaying the delivery for two valemaxes from China Rongsheng Heavy Industries, due the slowdown of Asian demand” noted Bertzeletou, in a sign that Brazil’s commodities’ exports aren’t looking all that rosy, quite the opposite. In February, iron ore production in Brazil dropped by 24% in February, as per the latest data released by the country's iron ore producer's association. Brazil's mining companies exported 16.61 million metric tons of iron ore and pellets in February, down by more than 24% decline from 21,89 million metric tones exported during February 2011.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Australian Coal Association
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
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