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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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- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Planning Commission, India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
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