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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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Wednesday, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
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- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
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- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- The University of Queensland
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- Parliament of New Zealand
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
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