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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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Sunday, 19 February 12
THE SPOT FIXTURE RATES WERE REPORTED AT HIGH LEVELS - VISTAAR
COALspot.com - "The markets seems to holding back this week appears the momentum which picked up last week may slow down" - Capt. Reddy of ...
Sunday, 19 February 12
INDIKA ACQUIRES MULTI TAMBANGJAYA - INSIDER STORIES
Insider Stories reported that, PT Indika Energy Tbk (INDY) announced that wholly-owned subsidiaries have signed a conditional sale and purchase agre ...
Friday, 17 February 12
COLOMBIA COAL PRODUCTION, EXPORTS JUMP IN 2011: GOVT - COLOMBIA REPORTS
Colombia Reports reported that, colombia's coal production jumped 15.4% in 2011 to 85.8 million tonnes versus the previous year while exports rose ...
Thursday, 16 February 12
GEARING UP FOR THE EMERGING OIL & GAS OPPORTUNITIES IN MYANMAR
Press Release - Myanmar Ministry of Energy and Centre for Management Technology (CMT) to Co-host MOGP (Myanmar Oil, Gas & Power) Summit on 28 - ...
Wednesday, 15 February 12
HBA FOR FEB 2012, CLIMBS 2.09 PERCENT AND REACHED US$ 111.58 PER TON
COALspot.com - The Indonesian coal reference price for February climbs 2.09 percent to US$111.58 per ton after losing past three months. ...
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- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
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