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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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Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
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- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- The University of Queensland
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
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