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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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Friday, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- White Energy Company Limited
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- The University of Queensland
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
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