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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, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
Monday, 02 April 12
BANGLADESH EYEING INDONESIA FOR COAL
COALspot.com - The high level executives of Center for Environmental and Geographic Information Services (CEGIS) of Bangladesh is visiting Ind ...
Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a pos ...
Saturday, 31 March 12
THE BDI CONTINUED TO MOVE UPWARD - VISTAAR
COALspot.com - The BDI continued to move upward and rose by 2.86 pct closing at 934 points.
The cape index was up by 3.14 pct closing at 1,412 po ...
Saturday, 31 March 12
SRI LANKA IMPORTS 152,555 MT OF INDONESIAN COAL IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, shipped 27.126* million tons of coal in February 2012, compared to 28.21* million to ...
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- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- The University of Queensland
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Independent Power Producers Association of India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
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