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Monday, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
 The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on December 5th, 2008 .The first day of February commenced with the BDI closing at 662 points, the lowest level that the market has seen in the last 26 years and ongoing fears for the operational profitability of dry bulk players for the year ahead. During the last week, the BDI showed an upward trend by gaining for four consecutive days more than 10 points, but it is still trading below the psychological barrier of 1,000 points mark. Overall, the BDI closed on Friday of February 10th at 715 points, up by 10.5% from last week’s closing, with the panamax size outperforming over other vessel categories. All vessel sizes apart from handysizes showed upward movements from the trading bottom lows that hit shipping operators during the last days of January. The BPI showed a remarkable 39.5% week-on-week increase in contrast with a 4.1% week-on-week fall in the BHSI.
For large size vessels, capesizes, conditions remain very weak with the market needing more cargo input to absorb the oversupply headache. The Baltic Capesize Index remained almost stable, up by 1% week-on-week, by gaining 21 points from previous week, by closing at 1457 points with activity in the Atlantic market being slow from very limited cargo demand, while interest from Brazil to China is scarce. The heavy weather in the ports of Australia and Brazil, the main iron ore producers, along with the Chinese ban on the entrance of Vale’s mega very large ore capes into Chinese ports have created more downward pressure in the already fragile market given the slow Chinese steel activity during Chinese New Year.
The panamax market seems to be the first one that has shown strong signs of recovery from the end of Chinese holidays with the sentiment being improved for Atlantic traders and a flurry of period activity from firm South American demand. The BPI closed at 967 points, up 274 points, recording a remarkable increase from previous week and showing healthier average time charter earnings. For supramax vessels, condition in the Atlantic market is still in the doldrums with some improvement reported in the Pacific market. The BSI showed a better performance than capesizes by moving 6% higher than previous week and hopes for a firmer rebound in the following days. The BHSI lost 16 points by recording a 4% week-on-week decline as it seems that the large percentage of overaged vessels in this category has started to stress the market significantly and more intense scrapping activity is needed.
Will the BDI continue its upward movement? Will capesizes find a firmer support? The iron ore demand and China’s economic activity are the two key factors for the revival of dry operators.
BHP Billiton, the world's no. 3 iron ore miner, said in Reuters that fundamentals for iron ore demand remain strong, with Chinese steel making expected to pick up following the lunar New Year and with Indian iron ore supplies lagging expectations. Furthermore, Anglo American’s Kumba Iron Ore CEO Chris Griffith said that global iron ore demand is likely to improve over the medium-to-long term. Global demand for iron-ore would remain dependent on steel manufacturing in China, which accounted for more than two-thirds of demand, but which had had a relatively subdued second half during 2011. The JSE-listed miner held a positive view on the market from the second half of 2012. But over the first six months of 2012, the iron-ore market was expected to maintain its current market conditions. Zhu Hongreng, Chief Engineer of Ministry of industry and Information Technology of PRC, pointed out that China steel industry is to encounter tougher challenging in 2012 due to heightened unbalance between supply and demand arising from dwindling demand and further squeezed profit margin of domestic steel mills on rising iron ore prices.
However, the economic activity of China gives weak signs and brings some uncertainty regarding the Chinese import and export market sentiment. According to Custom’s Administration, China’s exports is estimated that dipped by 0.5% from a year earlier, the first decline in more than two years, raising fresh concerns about the impact of a global slowdown on its economy. Imports fell by 15.3%, resulting in a trade surplus of $27.3bn (£17bn) which was a six-month high. Analysts said while the closure of establishments during the Chinese New Year affected the numbers, the decline could not be attributed to the festival alone.They said that the bigger-than-expected drop, especially in imports, was worrying as it gave an indication of slowing growth. A fall of over 15% in January cannot be entirely explained by the lunar calendar, and adds weight to the view that economic output is slower than headline indicators might suggest
The China Federation of Logistics and Purchasing reported that the import index for January fell to 46.9 from 49.3 in the previous month, showing slowing demand at home. Despite these numbers, analysts said the dip was likely to be short-lived and imports may start to rise in the coming months.
Even the latest statistics data reveal a strong impact of the debt crisis on China’s trading activity; we will wait to see what the first quarter of the year will bring since January data usually give a distorted picture.
Source: Maria Bertzeletou, Hellenic Shipping
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Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
Tuesday, 01 November 11
ATLAS RESOURCES SETS IPO AT RP1,500 - INSIDER STORIES
Insider Stories reported that, coal miner PT Atlas Resources Tbk has set its initial public offering (IPO) at Rp1,500 (approximately US$ 0.169) per ...
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- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
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