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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, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
Friday, 18 May 12
KOREA EAST WEST POWER LOOKING FOR TOTAL 2.6 MILLION TONS OF 4600 NAR COAL AT FIXED PRICE FOR 5 YEARS
COALspot.com - Korea East West Power Co., Ltd is inviting bids to supply of 520,000 Metric Tons (per annum) of minimum 4,600 kcal/kg coal of N ...
Friday, 18 May 12
NICKEL ORE CARGOES ARE NOT SEEN IN MARKET ANYMORE DUE TO ON-GOING INDONESIAN BAN - FEARNLEYS AS
Handy
The market remained variable.
Fronthaul voyages both from Baltic and Black Sea paid over USD 18k/day. From USG to Cont tonnage would get ...
Thursday, 17 May 12
COAL MINERS OPPOSE EXPORT TAX, SUGGEST OUTPUT QUOTA - THE JAKARTA POST
The Jakarta Post reported that, coal miners have suggested that the government apply a production quota instead of implementing an export tax in ord ...
Thursday, 17 May 12
DRY BULK MARKET STILL LOOKING FOR NEW DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on moving sideways during this week, with the mixed performance across all segments. Yesterday, the industry’s be ...
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- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Minerals Council of Australia
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