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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, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
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- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- The University of Queensland
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
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