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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, 20 April 12
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A rebound of demand for smaller dry bulk carriers has led the industry’s benchmark, the BDI (Baltic Dry Index) above the 1,000-point mark for ...
Friday, 20 April 12
BUMA HAS PRODUCED 2.6 MILLION TONS OF COAL IN MARCH 2012
COALspot.com - BUMA has removed 28.0 million bcm (+6.4% YoY) of overburden in March 2012 while coal production was at 2.6 million tons (+1.3% YoY).
...
Thursday, 19 April 12
FRESH COAL SALES FROM JATENERGYS JONGKANG MINES
COALspot.com - Energy company Jatenergy Ltd (ASX code JAT) announced today that it had signed a contract for an 11,000 tonne coal sale due for shipm ...
Thursday, 19 April 12
HANDY - 'POSITIVE TREND', PANAMAX - 'A FIRMER TENDENCY', CAPESIZE - 'AGAIN NEGATIVE'
Handy
The positive trend from last week continued, with more cargoes entering the market. Skaw/Passero del fixed tick above USD 4000 for US Gulf di ...
Thursday, 19 April 12
WILLIS MARINE MARKET REVIEW FORECASTS ANOTHER DIFFICULT YEAR - WILLIS GLOBAL MARINE / HELLENIC SHIPPING
After an inauspicious start, 2012 could well be "another difficult and uncertain year for the maritime industry faced with the aftermath of the ...
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- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
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