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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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Friday, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
Tuesday, 07 February 12
DRY BULK MARKET FINALLY STOPS DECLINE, POSTS FIRST RISE IN MORE THAN A MONTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After falling to near record lows, not seen since the mid-80s the dry bulk market has finally stopped its path to "hell", with the industr ...
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- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
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