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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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Monday, 23 July 12
NTPC INVITES BIDS FOR 2.6 MILLION TONS OF LOW MOISTURE IMPORTED COAL
COALspot.com - India’s largest electricity generator, NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government ...
Sunday, 22 July 12
NEW CHAIRMAN FOR AUSTRALIAN COAL ASSOCIATION
The Australian Coal Association (ACA) announced that Mr Ross Willims has been appointed as its new independent Chairman effective November 5 2012. M ...
Sunday, 22 July 12
CENTRAL KALIMANTAN COAL RAILWAY NETWORK WILL BE BUILT BY 2015 - THE BORNEO POST
The borneo post reported that, a declaration to build a coal railway network is signed today (12/07/2012) in front of the Indonesian Vice President ...
Sunday, 22 July 12
COAL PRICES IN MIXED TRENDS; STOCKS REMAIN HIGH AT BOTH ENDS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery fell 0.99 percent on last Friday closing (d-o-d) and 1.19 percent com ...
Sunday, 22 July 12
TATA POWER SIGNS A LONG TERM COAL SUPPLY AGREEMENT WITH PT ANTANG GUNUNG MERATUS, INDONESIA
COALspot.com - Tata Power, India’s largest integrated power utility, last Friday announced that it has signed a long term coal suppl ...
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- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- White Energy Company Limited
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
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