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