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Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
 The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with average time charter earnings rising to more than $6,000/day, while supramax units seem to loose their strength. The dry market sentiment is still so fragile with the BDI posting a decline on a weekly basis, following consecutive weekly inclines from the first days of February.
The levels of the BDI seen last year, above 1,000 points, seem to be far from reachable although the gap from breaking the psychological barrier is near to be bridged. The capesize segment remains in unprofitable territory affecting negatively the overall performance of the index. However, capesize vessels showed this week the strongest performance with the BCI recording a 6.7% week-on-week increase in contrast with a 7.8% decline in the supramax segment. From the end of March, supramax vessels appear to loose their solid performance that posted during the month with average time charter earnings falling below $10,000/day.
The index closed on Thursday April 5th, at 928 points, down by 0.6% from last week’s closing and down by 34% from a similar week closing in 2011, when it was 1,401 points. The BCI surpassed the 1,500 points by closing at 1507 points, with vessels’ average time charter earnings floating at $6,200/day, 20% up on a weekly basis, but $2,100/day less than handysize earnings. The BCI has shown the highest weekly increase of 6.7% from the beginning of the year, and now remains to be seen if the sentiment will continue to be tough, in the upcoming weeks, with China’s position in the iron ore market playing the important role of capesizes’ performance.
The first week of April began with some positive signs for the dry market sentiment. Chinese iron ore fixtures increased by 53% w-o-w during the first days of April, according to Wells Fargo Securities, the highest level since February 2011 with an upward direction in the average time charter earnings of capesize units. Chinese iron ore inventories are falling giving signs for a stronger support in capesize earnings, while supramax average time charter earnings are still hovering more than 37% above capesizes.
A positive sentiment is being fuelled in the iron market with Australian miner Fortescue, following the strong position of its rivals, stating that despite talks of slowdown, China’s economy is expanding at a relatively healthy pace, supporting demand for raw materials such as iron ore and steel for infrastructure development and consumer products.
In the panamax market, there is still grain activity from South America moving cargoes to the Continent and Mediterranean, but rates are floating at steady levels with vessels earning $8,277/day, down by 1.3% week on week. The BPI ended at 1036 points, falling by 15 points from previous week, when at the week ending March 16th has recorded the biggest gains by moving upwards 82 points, 9.2% increase.
Even the positive prospects for smaller vessel sizes, supramax vessels have shown, during the last two weeks, a weaker performance with the BSI loosing this week 81 points, by falling to 949 points with vessels trading at $9,928/day, when last year they were floating at $15,345/day, up by 55% from the current levels and 83% higher than capesizes. However, strong signs for Chinese thermal coal activity, the large decline in Qinhuangdao coal stockpiles, the upcoming maintenance of the Daqin railway and seasonal restocking for peak summer demand will affect positively the supramax rates. One short term negative factor for the segment could be the announcement from BHP Billiton declaring that it can not meet its coal delivery obligations because of a strike by 3,000 workers at seven coal operations in Queensland and wet weather, which may cause a further downward sentiment in the supramax market.
In the handysize segment, vessels’ earnings are recording the smallest volatility by hovering at similar levels with panamaxes, $8,305/day, down by 3.1%, when last year were earning around $11,700/day. The BHSI closed at 547 points, down by 18 points (3.2%), when last week recorded the biggest value of 566 points.
The outperformance of the capesize segment among other vessel categories brings a positive feeling with no guarantees for its stability, since there is undoubted that China’s iron market sentiment for this year will pour biggest risk for capesize operators amid oversupply issues. One recent worrying sign is that Brazilian iron ore conglomerate, Vale, has decided to move in the idling of two of its very large ore carriers and delaying the delivery for two valemaxes from China Rongsheng Heavy Industries, due the slowdown of Asian demand. According to data compiled from Bloomberg, Brazil’s first quarter ore exports plunged 27% from the previous three months to the lowest level, since June 2009, as rains and flooding in January delayed production.
In February, iron ore production in Brazil dropped by 24% in February, as per the latest data released by the country's iron ore producer's association. Brazil's mining companies exported 16.61 million metric tons of iron ore and pellets in February, down by more than 24% decline from 21,89 million metric tones exported during February 2011.
Vale and MMX, two leading Brazilian iron ore miners, stated that the cause of reduced production was the heavier than usual rains in the Minas Gerais region in January, while the market is waiting strongest indications of Chinese interest. Traders are waiting to see a strong pick up in Chinese steel demand that could set an increased demand for iron ore and higher vessel shipments resulting in a solid performance of the freight markets. Market belief is that the second quarter of the year will be more encouraging than the first three months with a firmer Chinese iron ore appetite, but the uncertainty is high from capesize average time charter earnings being still depressed at levels below break even.
Source: Maria Bertzeletou, Hellenic Shipping
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Friday, 20 April 12
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A rebound of demand for smaller dry bulk carriers has led the industry’s benchmark, the BDI (Baltic Dry Index) above the 1,000-point mark for ...
Friday, 20 April 12
BUMA HAS PRODUCED 2.6 MILLION TONS OF COAL IN MARCH 2012
COALspot.com - BUMA has removed 28.0 million bcm (+6.4% YoY) of overburden in March 2012 while coal production was at 2.6 million tons (+1.3% YoY).
...
Thursday, 19 April 12
FRESH COAL SALES FROM JATENERGYS JONGKANG MINES
COALspot.com - Energy company Jatenergy Ltd (ASX code JAT) announced today that it had signed a contract for an 11,000 tonne coal sale due for shipm ...
Thursday, 19 April 12
HANDY - 'POSITIVE TREND', PANAMAX - 'A FIRMER TENDENCY', CAPESIZE - 'AGAIN NEGATIVE'
Handy
The positive trend from last week continued, with more cargoes entering the market. Skaw/Passero del fixed tick above USD 4000 for US Gulf di ...
Thursday, 19 April 12
WILLIS MARINE MARKET REVIEW FORECASTS ANOTHER DIFFICULT YEAR - WILLIS GLOBAL MARINE / HELLENIC SHIPPING
After an inauspicious start, 2012 could well be "another difficult and uncertain year for the maritime industry faced with the aftermath of the ...
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- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
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