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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, 07 March 12
3RD MOZAMBIQUE COAL CONFERENCE
3rd Mozambique Coal Conference
2-4 July 2012 | Joaquim Chissano International Conference Centre , Maputo, Mozambique
http://www.immevents.com/mo ...
Wednesday, 07 March 12
DRY BULK MARKET KEEPS UP TIMID REBOUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its rising momentum yesterday, rising for the eighth straight session, on the back of renewed demand for smaller bulk c ...
Wednesday, 07 March 12
BUKIT ASAM EYES 39% RISE IN COAL SALES - INSIDER STORIES
Insider Stories reported that, PT Bukit Asam Tbk is scouting a 39% increase in coal sales volume to 18.66 million tons this year from last year with ...
Wednesday, 07 March 12
PETROSEA SEALS US$188 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT S ...
Monday, 05 March 12
SOUTHGOBI ANNOUNCES AGREEMENT TO SELL ITS THERMAL COAL TSAGAAN TOLGOI DEPOSIT FOR US$ 30 MILLION
SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Re ...
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- Mjunction Services Limited - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
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