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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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Wednesday, 18 April 12
INDONESIA TO INTRODUCE EXPORT DUTY ON MINERAL ORES BY 6 MAY 2012
The Indonesian government is scheduled to issue regulation on export duty for minerals before May 6, 2012.
According to Bisnis Indonesia, as quot ...
Sunday, 15 April 12
THE SPOT FIXTURE RATES FOR SUPRAMAX IN SE ASIA SAW SOME SOFTENING OF CHARTER RATES - VISTAAR
COALspot.com - The market seem to be holding and except for Supramax and handy size index all other index was up with BDI up by 4.74 pct closing at ...
Friday, 13 April 12
MINERS OPPOSE GOVTS EXPORT TAX PLAN - THE JAKARTA POST
The Jakarta Post reported that, Indonesian mining companies have strongly protested the government’s plan to impose a 25 percent export tax on ...
Friday, 13 April 12
S&P CAUTIONS AGAINST NEW INDONESIAN MINING REGULATIONS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Investors may have expressed concerns about looming new mining regulations, but ratings agency Standard & Poor& ...
Thursday, 12 April 12
FIRST QUARTER OF 2012 SAW AN ADDITIONAL 24.2 MILLION DWT OF DRY BULK CARRIERS ENTERING THE FLEET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The inflow of newbuilt dry bulk vessels was larger than expected in the first quarter of 2012. As much as 24.2 million DWT were added to the fleet. ...
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- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
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