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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 $27.3bn (£17bn) which was a six-month high. Analysts said while the closure of establishments during the Chinese New Year affected the numbers, the decline could not be attributed to the festival alone.They said that the bigger-than-expected drop, especially in imports, was worrying as it gave an indication of slowing growth. A fall of over 15% in January cannot be entirely explained by the lunar calendar, and adds weight to the view that economic output is slower than headline indicators might suggest
The China Federation of Logistics and Purchasing reported that the import index for January fell to 46.9 from 49.3 in the previous month, showing slowing demand at home. Despite these numbers, analysts said the dip was likely to be short-lived and imports may start to rise in the coming months.
Even the latest statistics data reveal a strong impact of the debt crisis on China’s trading activity; we will wait to see what the first quarter of the year will bring since January data usually give a distorted picture.
Source: Maria Bertzeletou, Hellenic Shipping
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Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
Monday, 02 January 12
THE PROMISE OF INDIA: A BRIEF INTERRUPTION? - CLARKSONS / HELLENIC SHIPPING
Future growth in Indian seaborne coal imports has sometimes been considered as one of the largest potential upsides in the currently oversupplied dr ...
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- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
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