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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, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
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- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- Mjunction Services Limited - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
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