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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, 07 March 12
3RD MOZAMBIQUE COAL CONFERENCE
3rd Mozambique Coal Conference
2-4 July 2012 | Joaquim Chissano International Conference Centre , Maputo, Mozambique
http://www.immevents.com/mo ...
Wednesday, 07 March 12
DRY BULK MARKET KEEPS UP TIMID REBOUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its rising momentum yesterday, rising for the eighth straight session, on the back of renewed demand for smaller bulk c ...
Wednesday, 07 March 12
BUKIT ASAM EYES 39% RISE IN COAL SALES - INSIDER STORIES
Insider Stories reported that, PT Bukit Asam Tbk is scouting a 39% increase in coal sales volume to 18.66 million tons this year from last year with ...
Wednesday, 07 March 12
PETROSEA SEALS US$188 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT S ...
Monday, 05 March 12
SOUTHGOBI ANNOUNCES AGREEMENT TO SELL ITS THERMAL COAL TSAGAAN TOLGOI DEPOSIT FOR US$ 30 MILLION
SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Re ...
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- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Australian Coal Association
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
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