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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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Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- VISA Power Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
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