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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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Thursday, 05 April 12
COAL EXPORT TAX: MATTER OF CONCERN FOR INDIA - SUNIL K KUMBHAT
COALspot.com - Since the issuance of Indonesian Mining law in 2009, miners have increased their activities in exploring , ex ...
Thursday, 05 April 12
AKR COAL FIRST EXPORT SHIPMENT OF COAL SEABORNE
PT Anugrah Karya Raya (AKR Coal) subsidiary of PT AKR Corporindo Tbk., Indonesia’s leading integrated supply chain solutions provider and larg ...
Thursday, 05 April 12
DRY BULK MARKET STALLS AS TREND IS REVERSED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has halted its month-long rally, with the BDI (Baltic Dry Index) retreating yesterday for a second consecutive session. Industry ...
Wednesday, 04 April 12
OIL MAY JUMP TO $150PB IF IRAN ATTACKED: EXPERT - KUNA / HELLENIC SHIPPING
Prices of oil will not drop below level of $100 per barrel and may jump to $150 pb in the coming two months, according to the prominent Kuwaiti expe ...
Wednesday, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
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- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- The University of Queensland
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
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