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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 $27.3bn (£17bn) which was a six-month high. Analysts said while the closure of establishments during the Chinese New Year affected the numbers, the decline could not be attributed to the festival alone.They said that the bigger-than-expected drop, especially in imports, was worrying as it gave an indication of slowing growth. A fall of over 15% in January cannot be entirely explained by the lunar calendar, and adds weight to the view that economic output is slower than headline indicators might suggest
The China Federation of Logistics and Purchasing reported that the import index for January fell to 46.9 from 49.3 in the previous month, showing slowing demand at home. Despite these numbers, analysts said the dip was likely to be short-lived and imports may start to rise in the coming months.
Even the latest statistics data reveal a strong impact of the debt crisis on China’s trading activity; we will wait to see what the first quarter of the year will bring since January data usually give a distorted picture.
Source: Maria Bertzeletou, Hellenic Shipping
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Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
Sunday, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
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- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
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