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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, 27 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The pessimism in the dry market persists with the Baltic Dry Index still trying to find a steady pace of growth and average time charter earnings fo ...
Sunday, 26 February 12
THE FREIGHT RATES FOR INDONESIA TO INDIA IS LIKELY TO BE FIRM FOR NEXT 2/3 WEEKS - VISTAAR
COALspot.com – “There was not much change in the BDI and other indices this week except for the Panamax which was down by 11.91 pc ...
Friday, 24 February 12
DRY BULK MARKET POSTS FIRST REBOUND IN A WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was expected since mid-week, the dry bulk market's benchmark, the BDI (Baltic Dry Index) has managed to put a stop in a 6-day losing rally, endi ...
Thursday, 23 February 12
2.5 PANAMAX VESSELS PER AVAILABLE CARGO FOR MARCH DATES - FEARN BULK
Handy
Another depressing week for Supras in both basins. Lack of fresh business and over-supply of tonnage in the Atlantic pushed rates south. Cont ...
Wednesday, 22 February 12
RAW COMMODITY EXPORT BAN SPARKS SMELTER BUILDING BOOM IN INDONESIA ANTARA / THE JAKARTA GLOBE
Antara / The Jakarta Globe reported that, as the government gears up to ban all exports of unprocessed commodities, Indonesia will see 12 new ...
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- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Australian Coal Association
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Minerals Council of Australia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
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