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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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Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
Thursday, 08 March 12
INDONESIA'S COAL SECTOR CAN BENEFIT FROM CLEARER REGULATIONS - FITCH RATINGS
Fitch Ratings says Indonesia's coal mining sector should continue to see strong growth prospects but can benefit from clearer and more predictable ...
Thursday, 08 March 12
DRY BULK MARKET ON THE RISE; CHINAS COAL IMPORTS COULD INCREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on rising back to healthier levels yesterday, with the BDI (Baltic Dry Index) the industry’s benchmark, marking its 8 ...
Wednesday, 07 March 12
INDONESIA COAL BENCHMARK PRICE GAINS FOR SECOND MONTH
COALspot.com - Indonesia raised the monthly coal reference price for sales in March by 1.15 percent, the second increase since February.
The Mini ...
Wednesday, 07 March 12
INDONESIA TO LIMIT FOREIGN OWNERSHIP IN MINES TO 49 PERCENT WITHIN 10 YEARS OF PRODUCTION
COALspot.com - Foreign holders of mining licenses in Indonesia have to divert 51% of their stakes to Indonesian government or domestic entitie ...
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- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
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