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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, 12 March 12
DRY BULK RATES WILL REMAIN LOW IN 2012 SAYS DANISH SHIP FINANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its annual shipping survey Danish Ship Finance said that the current outlook for the Dry Bulk market seems unlikely to foster higher rates in any ...
Monday, 12 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first days of March appear to be more encouraging for dry bulk operators, but the outlook is still gloomy for the rest of year with earnings for ...
Sunday, 11 March 12
FREIGHT RATES FOR INDONESIA TO INDIA WILL CONTINUE TO REMAIN FIRM- VISTAAR
COALspot.com - This week saw another upward trend with all indices up except for the Cape index.
The BDI was up by 6.87 pct closing at 824 points ...
Friday, 09 March 12
MINING IN INDONESIA: RESTRICTION ON FOREIGN INVESTMENT - SUNIL K KUMBHAT
COALspot.com - Recently Govt has passed regulation instructing foreign mining companies to reduce their ownership stake.
The regulation known as ...
Friday, 09 March 12
SHIP OWNERS LOOKING TO CHINA FOR REVIVAL, WHILE THEY KEEP SELLING OLD SHIPS FOR SCRAP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With China’s economic policy plan for the future on every ship owner’s mind, at least those involved in the dry bulk industry, the lates ...
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- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
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