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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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Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Australian Coal Association
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Eastern Energy - Thailand
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