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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, 27 December 11
MINERS MAKE CASE FOR RESUMING CONTRACT NEGOTIATIONS - THE JAKARTA POST
The Jakarta Post reported that, problems with the renegotiation of mining contracts in the country are far from over, as agreements on several cruci ...
Tuesday, 27 December 11
COAL SHIPMENT OF TIANJIN PORT REACHED 6.72 MLN TONNES IN NOVEMBER - STEEL HOME / HELLENIC SHIPPING
Tianjin port shipped 6.72 million tonnes of coal in November, decreasing 600,000 tonnes versus 7.32 million tonnes in October, while up 21.09% or 1. ...
Tuesday, 27 December 11
NEW CLAUSE PUBLISHED FOR SLOW STEAMING - BIMCO
Many owners and operators faced with high bunker prices are considering implementing slow steaming regimes to save fuel and to assist with capacity ...
Monday, 26 December 11
NEW EXPORT TAX PLAN GREETED WITH PRAISE AND CRITICISM - THE JAKARTA POST
The Jakarta Post, one of the Indonesia's leading english news paper reported that, both praise and criticism showered the government’s plan t ...
Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
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- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
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