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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, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
Monday, 02 April 12
BANGLADESH EYEING INDONESIA FOR COAL
COALspot.com - The high level executives of Center for Environmental and Geographic Information Services (CEGIS) of Bangladesh is visiting Ind ...
Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a pos ...
Saturday, 31 March 12
THE BDI CONTINUED TO MOVE UPWARD - VISTAAR
COALspot.com - The BDI continued to move upward and rose by 2.86 pct closing at 934 points.
The cape index was up by 3.14 pct closing at 1,412 po ...
Saturday, 31 March 12
SRI LANKA IMPORTS 152,555 MT OF INDONESIAN COAL IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, shipped 27.126* million tons of coal in February 2012, compared to 28.21* million to ...
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- Gujarat Mineral Development Corp Ltd - India
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- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
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- Karaikal Port Pvt Ltd - India
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- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
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- Australian Coal Association
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- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
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- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
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- CIMB Investment Bank - Malaysia
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- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
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- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
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- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
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- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
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- McConnell Dowell - Australia
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- Petron Corporation, Philippines
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- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
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- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
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- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
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- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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- Meralco Power Generation, Philippines
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- Africa Commodities Group - South Africa
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- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- White Energy Company Limited
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
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- Kartika Selabumi Mining - Indonesia
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- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
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- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
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- Parliament of New Zealand
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- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
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- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
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- Samtan Co., Ltd - South Korea
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- Mintek Dendrill Indonesia
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- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- PTC India Limited - India
- SMC Global Power, Philippines
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