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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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Thursday, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
Monday, 16 January 12
BUMA MINED 2.7 MILLION TONS COAL LAST MONTH
COALspot.com - BUMA has mined 2.7 million tons (-14.1% YoY) coal last month and removed 25.8 million bcm (-5.6% YoY) overburden, according to compan ...
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- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
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