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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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Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
Thursday, 05 April 12
COAL EXPORT TAX: MATTER OF CONCERN FOR INDIA - SUNIL K KUMBHAT
COALspot.com - Since the issuance of Indonesian Mining law in 2009, miners have increased their activities in exploring , ex ...
Thursday, 05 April 12
AKR COAL FIRST EXPORT SHIPMENT OF COAL SEABORNE
PT Anugrah Karya Raya (AKR Coal) subsidiary of PT AKR Corporindo Tbk., Indonesia’s leading integrated supply chain solutions provider and larg ...
Thursday, 05 April 12
DRY BULK MARKET STALLS AS TREND IS REVERSED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has halted its month-long rally, with the BDI (Baltic Dry Index) retreating yesterday for a second consecutive session. Industry ...
Wednesday, 04 April 12
OIL MAY JUMP TO $150PB IF IRAN ATTACKED: EXPERT - KUNA / HELLENIC SHIPPING
Prices of oil will not drop below level of $100 per barrel and may jump to $150 pb in the coming two months, according to the prominent Kuwaiti expe ...
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- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Planning Commission, India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
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