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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, 01 May 12
VIETNAM FEARS IT MAY NOT SEEK COAL SUPPLIES - TBKTSG / VIETNAMNET BRIDGE
TBKTSG / VietNamNet Bridge reported that, with five coal-run thermopower plants under construction, PetroVietnam alone would need 18 million tons of ...
Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
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- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- The University of Queensland
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- PTC India Limited - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
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