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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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Monday, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
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- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- MS Steel International - UAE
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
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