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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, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
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- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
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