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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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Tuesday, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
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- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Australian Coal Association
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- White Energy Company Limited
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
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