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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
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
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- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
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