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Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
 The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the capesize. The Baltic Exchange’s main index has shown an average weekly increase of 6.7% in March with constant gains for the last 16 days. It has moved near to 900 points by closing on Friday March 16th at 874 points, up by 6.07% on a weekly basis, and narrows the gap from the psychological barrier of 1,000 points. Capesize rates continue to be under pressure as spot fixture activity remains muted with average daily earnings standing below $5,500/day. The intense volatility in the iron market halts the solid performance of capesize vessels with panamaxes showing a firmer outlook on the back of a grain season in the Atlantic basin. Supramax vessels are outperforming among other vessel categories, from the beginning of March, with average daily earnings rising to more than $9,000/day.
Overall, all vessel categories experienced positive gains this week apart from capesizes with an euphoria in supramax and handysize vessels that leads the Baltic Dry Index at levels by 35% upwards from February 2nd, when it was at 648 points.
In the capesize segment, the BCI has lost another 37 points on a weekly basis by standing at 1,466 points, 2.46% down from previous week’s closing with vessel earnings below breakeven levels. Average time charter earnings for capesize vessels have fallen by 80% from the end of December 2011, when they were earning more than $27,000/day. An upcoming threat for capesize operators is the tropical cyclone Lua that is expected to cross the North West coast of Western Australia as a category four cyclone, disrupting mining operations and transport in the region.
Capesize spot rates on Australia to China are about $7.70 per tonne, down from about $7.90 per tonne last week, with capesizes halting their iron ore loadings at mining companies’ busiest ports. The Port Hedland iron ore terminal closed on Friday to escape the from Cyclone Lua, and miner Rio Tinto said operations were winding down at the two ports it uses, Dampier and Cape Lambert. The shutdown of Australia's major iron ore exporting port, Port Hedland, would be a negative factor for capesizes’ fixture activity and vessel earnings. Brazilian iron ore exports slumped 37% year on year in January as heavy rainfall disrupted production and demand in China eased.
In the panamax segment, a quiet Pacific market was rebalanced by modest improvements in cargoes from the Atlantic to Asia with vessel earnings moving to more than $7,700/day, but 50% lower from last year’s levels, when they were earning excess $16,000/day. The BPI closed on Friday at 971 points, up by 9.22% from last week with positive prospects for grain and thermal coal fixtures activity that will maintain the healthiest performance of smaller vessel segments against capesizes.
In the supramax market, vessels, which carry about 25 percent less than panamaxes, seem to have a better outlook in the heavy oversupplied dry bulk industry. Average time charter earnings for supramax vessels have shown a strong revival over the last three weeks with earnings more than $9,000/day, when at the end of January they were earning less than $7,000/day. Handysize units also follow with earnings more than $7,500/day, at similar levels with panamax earnings. The BSI closed at 951, up by 10.07% on a weekly basis, compared with a 9% and 8% rise in the panamax and handysize segment respectively.
The strong outlook of the supramax and handysize segment seems that will lift the BDI above the 1,000 points mark, but the outlook of dry bulk earnings is still negative as China cut its growth target last week. The fragile economic outlook of China signals an era of a weaker Chinese demand for iron ore, the world’s biggest buyer of the commodity and the main driver of the positive incline of the BDI.
Chinese iron ore inventories persist at hefty levels, near to 100 million tons, with iron ore import market sentiment showing signs of a slower growth at least till 2015. The government is aiming to boost the volume of imports to be sourced from Chinese invested mines abroad, by another 100m tonnes / year, to reduce the heavy reliance of the country on imports from Australia and Brazil. Moody’s Investors Service has warned that China’s growth in steel demand will slow sharply to 5.7% this year, almost half of the average 11.1% growth during the previous three years. Furthermore, the China Iron and Steel Association has halved its growth estimate for the steel industry from 8% last year to just 4% in 2012.
The dry bulk shipping industry is almost undeniable that will continue to be under serious strains for at least two years that will downsize the financial performance of dry bulk shipping players. According to Standard & Poor’s the dry bulk shipping sector will face the heaviest oversupply pressures over the next 12 to 18 months, compared with oil tanker and container market, and shipping firms will face tighter financing as banks cut their exposure to risky and dollar denominated assets.
Source: Maria Bertzeletou, Hellenic Shipping
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Tuesday, 15 May 12
POTENTIAL BOOM OF CHINAS COAL IMPORTS COULD PROVIDE FURTHER SUPPORT TO DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been moving sideways during the past week with the industry’s benchmark, the Baltic Dry Index (BDI) losing 0.53% on th ...
Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
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- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Posco Energy - South Korea
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