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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, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
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 ...
Sunday, 18 March 12
BUKIT ASAM'S NET PROFIT IN 2011 ROSE 54% TO US$ 339.56 MILLION
COALspot.com - Company revenue for the period January - December 2011 amounting to Rp 10.6 trillion (approximately US$ 1,164,835,164.84) recorded an ...
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- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
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