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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 $7,500/day, at similar levels with panamax earnings. The BSI closed at 951, up by 10.07% on a weekly basis, compared with a 9% and 8% rise in the panamax and handysize segment respectively.
The strong outlook of the supramax and handysize segment seems that will lift the BDI above the 1,000 points mark, but the outlook of dry bulk earnings is still negative as China cut its growth target last week. The fragile economic outlook of China signals an era of a weaker Chinese demand for iron ore, the world’s biggest buyer of the commodity and the main driver of the positive incline of the BDI.
Chinese iron ore inventories persist at hefty levels, near to 100 million tons, with iron ore import market sentiment showing signs of a slower growth at least till 2015. The government is aiming to boost the volume of imports to be sourced from Chinese invested mines abroad, by another 100m tonnes / year, to reduce the heavy reliance of the country on imports from Australia and Brazil. Moody’s Investors Service has warned that China’s growth in steel demand will slow sharply to 5.7% this year, almost half of the average 11.1% growth during the previous three years. Furthermore, the China Iron and Steel Association has halved its growth estimate for the steel industry from 8% last year to just 4% in 2012.
The dry bulk shipping industry is almost undeniable that will continue to be under serious strains for at least two years that will downsize the financial performance of dry bulk shipping players. According to Standard & Poor’s the dry bulk shipping sector will face the heaviest oversupply pressures over the next 12 to 18 months, compared with oil tanker and container market, and shipping firms will face tighter financing as banks cut their exposure to risky and dollar denominated assets.
Source: Maria Bertzeletou, Hellenic Shipping
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Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Sunday, 18 March 12
BUKIT ASAM'S NET PROFIT IN 2011 ROSE 54% TO US$ 339.56 MILLION
COALspot.com - Company revenue for the period January - December 2011 amounting to Rp 10.6 trillion (approximately US$ 1,164,835,164.84) recorded an ...
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- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Planning Commission, India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Minerals Council of Australia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
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