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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, 08 March 12
INDONESIA'S COAL SECTOR CAN BENEFIT FROM CLEARER REGULATIONS - FITCH RATINGS
Fitch Ratings says Indonesia's coal mining sector should continue to see strong growth prospects but can benefit from clearer and more predictable ...
Thursday, 08 March 12
DRY BULK MARKET ON THE RISE; CHINAS COAL IMPORTS COULD INCREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on rising back to healthier levels yesterday, with the BDI (Baltic Dry Index) the industry’s benchmark, marking its 8 ...
Wednesday, 07 March 12
INDONESIA COAL BENCHMARK PRICE GAINS FOR SECOND MONTH
COALspot.com - Indonesia raised the monthly coal reference price for sales in March by 1.15 percent, the second increase since February.
The Mini ...
Wednesday, 07 March 12
INDONESIA TO LIMIT FOREIGN OWNERSHIP IN MINES TO 49 PERCENT WITHIN 10 YEARS OF PRODUCTION
COALspot.com - Foreign holders of mining licenses in Indonesia have to divert 51% of their stakes to Indonesian government or domestic entitie ...
Wednesday, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
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- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
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