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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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- Sical Logistics Limited - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
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