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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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Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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