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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 $27.3bn (£17bn) which was a six-month high. Analysts said while the closure of establishments during the Chinese New Year affected the numbers, the decline could not be attributed to the festival alone.They said that the bigger-than-expected drop, especially in imports, was worrying as it gave an indication of slowing growth. A fall of over 15% in January cannot be entirely explained by the lunar calendar, and adds weight to the view that economic output is slower than headline indicators might suggest
The China Federation of Logistics and Purchasing reported that the import index for January fell to 46.9 from 49.3 in the previous month, showing slowing demand at home. Despite these numbers, analysts said the dip was likely to be short-lived and imports may start to rise in the coming months.
Even the latest statistics data reveal a strong impact of the debt crisis on China’s trading activity; we will wait to see what the first quarter of the year will bring since January data usually give a distorted picture.
Source: Maria Bertzeletou, Hellenic Shipping
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Wednesday, 15 February 12
HBA FOR FEB 2012, CLIMBS 2.09 PERCENT AND REACHED US$ 111.58 PER TON
COALspot.com - The Indonesian coal reference price for February climbs 2.09 percent to US$111.58 per ton after losing past three months. ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Australian Coal Association
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
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