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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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Wednesday, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
Monday, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
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- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Australian Coal Association
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
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