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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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Tuesday, 31 January 12
THERE ARE MANY GOOD REASONS FOR COAL IN GERMANY - DR CIESLIK
COALspot.com - "The year 2011 was again marked by many changes on the markets and energy policies, at times in line with expectations, but at o ...
Tuesday, 31 January 12
DRY BULK MARKET KEEPS FALLING FOR WORST MONTH IN YEARS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market didn't manage to put a halt in its downfall, with the industry's benchmark, the BDI (Baltic Dry Index), posting yet another fa ...
Monday, 30 January 12
CHINA'S HUNGER FOR COAL LEAVES DENT IN PENNSYLVANIA'S SUPPLY - THOMAS LESKIN
With the price of heating oil on the rise, one of Pennsylvania's greatest natural resources - coal - is in high demand, and not just locally.
Et ...
Saturday, 28 January 12
WILL FREIGHT MARKET STABILIZE FROM NEXT WEEK?
COALspot.com - The markets continued to soften with BDI at 663 points down by 15.78 pct closing at 726 points and cape index was down by 5.73 pct cl ...
Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their ...
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- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
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