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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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Tuesday, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
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- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
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