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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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Monday, 12 December 11
DRY BULK MARKET LOOKING FOR BALANCE AS WE ENTER 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
During the past few months, freight rates for dry bulk carriers, especially Capesizes have increased significantly, providing ship owners with a muc ...
Sunday, 11 December 11
THE PANAMAX INDEX ENDED ON POSITIVE DIRECTION - VISTAAR
COALspot.com - The BDI and Cape index continued the upward trend this week also with BDI up by 3.00 pct closing at 1,922 points and Cape index up by ...
Saturday, 10 December 11
MAHAKAM RIVER RESUMES COAL TRANSPORTATION
COALspot.com - East Kalimantan local government has resumed limited coal barging through Mahakam River after two weeks of suspension following the c ...
Friday, 09 December 11
DRY BULK MARKET REBOUNDS ON HEALTHIER DEMAND OUTLOOK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged forward yesterday, at the highest rate of the past couple of weeks, as a result of stonger iron ore demand, backed by lowe ...
Thursday, 08 December 11
INDIA MAY SEE 41% ANNUAL GROWTH OF ITS COAL DEMAND DURING THE NEXT 5 YEARS - ICAP SHIPPING
India’s Ministry of Coal expects that India’s coal demand may face an annual 41% rise during the next 5 years, while its coal deficit is ...
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- The University of Queensland
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
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