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