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