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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, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
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- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
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- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
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- Sindya Power Generating Company Private Ltd
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- Minerals Council of Australia
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- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
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- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
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- Coal and Oil Company - UAE
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- SN Aboitiz Power Inc, Philippines
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- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
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- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
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- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
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- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
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- Bangladesh Power Developement Board
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- Economic Council, Georgia
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- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
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- International Coal Ventures Pvt Ltd - India
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- Makarim & Taira - Indonesia
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- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
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- Pendopo Energi Batubara - Indonesia
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- Indogreen Group - Indonesia
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- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
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- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
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- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
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