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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, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
Tuesday, 07 February 12
DRY BULK MARKET FINALLY STOPS DECLINE, POSTS FIRST RISE IN MORE THAN A MONTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After falling to near record lows, not seen since the mid-80s the dry bulk market has finally stopped its path to "hell", with the industr ...
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- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- PTC India Limited - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
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