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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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Tuesday, 31 January 12
THERE ARE MANY GOOD REASONS FOR COAL IN GERMANY - DR CIESLIK
COALspot.com - "The year 2011 was again marked by many changes on the markets and energy policies, at times in line with expectations, but at o ...
Tuesday, 31 January 12
DRY BULK MARKET KEEPS FALLING FOR WORST MONTH IN YEARS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market didn't manage to put a halt in its downfall, with the industry's benchmark, the BDI (Baltic Dry Index), posting yet another fa ...
Monday, 30 January 12
CHINA'S HUNGER FOR COAL LEAVES DENT IN PENNSYLVANIA'S SUPPLY - THOMAS LESKIN
With the price of heating oil on the rise, one of Pennsylvania's greatest natural resources - coal - is in high demand, and not just locally.
Et ...
Saturday, 28 January 12
WILL FREIGHT MARKET STABILIZE FROM NEXT WEEK?
COALspot.com - The markets continued to soften with BDI at 663 points down by 15.78 pct closing at 726 points and cape index was down by 5.73 pct cl ...
Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their ...
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- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- The University of Queensland
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
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