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Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
 The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for large sized vessels, capesizes floating below breakeven levels. The Baltic Dry Index records daily gains for eleven consecutive days, closing on Friday March 9th at 824 points, up by 6.8% on a weekly basis and up by 17% from February 23rd. All vessel categories experienced positive upturn apart from capesizes with supramaxes being the star performers of this week. The Baltic Supramax Index posted a 16% week-on-week increase in contrast with a 5% rise in the panamax and 7% in the handysize segment. Capesize vessel earnings remain downsized with industry players expecting a stronger Chinese steel production in March -April period and massive destocking of iron ore at major ports that will create more cargo loadings and lift earnings, at least near to $10,000/day.
The sentiment in China’s daily steel output has improved in February at 1,93 million tones, up from 1.83 million tons in January and 1.6827 million tons in December, as mills began ramping up operations ahead of a predicted recovery in demand in March and April. The figures of February are considerably higher than the estimates issued by China Iron and Steel Association, which calculated daily crude steel output at less than 1,7 million tones in February. Traders have said that recent destocking activity indicates further improvements in the market over the coming weeks. We may not see an immediate and rapid rise in steel output, but destocking is going on increasingly, so I am optimistic about steel prices because supply hasn't grown much”, said a trader based in Beijing. "Some new construction sites in northern Chinese regions have not started due to the cold snap, but once these new projects begin, it will provide a big lift for steel demand," he said, adding that he expected prices to keep rising until the end of April. China's industry ministry said China's crude steel output was expected to rise 7 percent to 730 million tons this year, after growing 8.9% last year. However, some steel mills have predicted that real demand could remain flat in 2012, and they warn of further losses over the course of the year as they try to overcome longstanding overcapacity issues.
Capesizes, which typically transport 150,000 ton cargoes of iron ore and coal, are currently earning $5,786/day, less than handysizes that earn more than $6,000 daily with the BCI loosing 22 points, down by 1.4% on a weekly basis and standing at 1503 points. Vale has completed its first VLOC transshipment of iron ore, which could drive more capesize tonnage requirements but the impact will be minor given the glut of ships. The long list of available ships for prompt employment continues to weigh heavily on the market with ships struggling to find cargo, especially in the Atlantic market. After a couple of weeks at $7.90, Rio Tinto shaved 10 cents off the rate for a March 21 onwards 160,000-tonne cargo from Dampier to China.
Panamax and supramax units continue to show stronger performance against capesize on the back of a firmer amount of global grain and coal fixtures activity. However, there are always exogenous threats on the prosperity with Indonesian National Shipowners Association, following China’s example, urging the government to pass the Domestic Transporter Obligation, which could mandate that 30% of all Indonesian coal shipments to be shipped on vessels owned by Indonesian shipping companies. According to Indonesian National Shipowners Association, foreign shipowners earned $14.4 billion in 2011 from exporting Indonesian coal with Indonesian shipowners wishing to receive a large share of this earned capital.
Panamaxes are currently earning $7,129/day with the BPI moving 45 points upward, 5.3% up on a weekly basis. The focus remains on east coast South America, with increased grain cargoes particularly for first half April sparking a rise in rates. A 1996-built 73,000 tonner agreed $15,750 daily plus a $575,000 bonus for the run east. Ships from the Continent and Mediterranean, as well as the Indian Ocean and south East Asia, eyed the South American market.
In the supramax market, vessels, which carry about 25 percent less than panamaxes, are the star performers during the first days of March by earning about $9,000/day with the BSI standing at 864 points, up by 16% on a weekly basis. However, supramaxes were getting more than $15,000/day last year, up by 77% from the current levels and 45% higher levels than capesizes. Rates in the Atlantic finally improved after the Far Eastern markets had been leading the way for quite some time. In the East, the south-east Asia mineral trades continued to absorb plenty of tonnage and the market consequently maintained a firming trend.
Handysize vessels, for three consecutive weeks have shown firmer returns with the BHSI standing at 469 points, a 7% week-on-week increase, and earnings rising to $7,106/day, but still 35% lower than last year’s levels.
The glut of new ship deliveries and the weak sentiment in China’s steel market are serious factors with a negative impact on the healthy performance of the capesize segment, which is the main driver lying behind the positive incline of the Baltic Dry Index, above the psychological barrier of 1,000 points mark.
China’s announcement to lower its 2012 growth target to 7.5% after 7 consecutive years darkens the outlook of dry bulk shipping industry with insiders expecting a prolong of the shipping crisis. Moody’s Investor Service said that the global shipping slump is expected to stay till 2013, while growing credit squeeze will challenge even the toughest shipping companies. Rio Tinto PLC's (RIO) iron ore chief executive, Sam Walsh, said that he expects China to remain a key driver of iron ore demand growth, despite recent signs for a slow growth in Chinese economy. China is "resilient," Walsh said, as it is equipped to underline its growth with fiscal and monetary changes and has increasing rates of household and corporate savings.
The country's crude steel consumption is forecasted to be around 1 billion metric tons by 2020, representing just under half of forecast world consumption, he noted. Rio Tinto is planning to invest $2 billion in Indian iron ore mining in Keonjhar district in the Indian federal state of Orissa. Mr. Walsh said that his company intends to raise production in Orissa to 15m tonnes per year “quickly” and at least some of the ore would be sold overseas, enabling shipowners to benefit from increased export demand.
The first quarter of 2012 is near to end and the trends seem to be negative for capesize with a sense of stability in the panamax and a firm growth of earnings in the supramax and handysize segment. The BDI is 18% lower than the 1,000 points mark and the solid performance of supramax vessels may boost the index at higher levels before the end of March.
Source: Maria Bertzeletou, Hellenic Shipping
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Friday, 03 August 12
INDIA - LIGHTS OUT! - SALVA
The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across nort ...
Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
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- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Bhatia International Limited - India
- The University of Queensland
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
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