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Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1.89% to 972 points. The Baltic's capesize index was up five points to 1,145 points, with average daily rates for capesizes up $66 at $3,486. The Baltic's panamax index gained 0.37 percent, with average daily earnings up $31 at $8,699. Average daily earnings for handysize and supramax ships were also up, at $10,111 and $11,980, respectively.
In its latest weekly report, shipbroker Fearnleys said on the Capesize market that “another dismal week passes with Cape rates falling marginally. There is resistance to a further fall, but this is related to the bunkers having stabilized, thus there is little or no room for a further fall. Talks of Major Japanese owners considering cold layup of parts of the fleet, is good news, but more will need to follow if the market is to improve. The major operators continue to roll over their fleets, redelivering expensive vessels, and fixing in cheaper ones, thus we see continued activity for short period, with big optionality spreads. Volumes in both iron ore and coal are good, but there are just too many ships entering the market” said Fearnleys.
In a similar report, Shiptrade Services mentioned that “in the Atlantic market, the fronthaul closed at USD 18,750 reporting a decline of USD 1,750 mainly due to the absence of fresh cargoes and the heavy competition of tonnage at the area. The same reason affected negatively Transantlantic round which ended up at USD2,750 recording a downfall of USD 500. The same negative sentiment prevailed in the Pacific basin with the Far East round trips closed at USD 4,000” it stated.
On the Panamax front, Fearnleys noted that “the European crisis is not over after the Greek election. Demand for coal and steel production is down considerably from last year in the Western hemisphere. Added by a question mark to Chinese imports both for coal and iron ore, the overall sentiment is not only affected by oversupply. The Atlantic is fine-tuned but toppish with a steady flow of fresh requirements and less open positions. Rates hover at 10k for a T/A round and 17k+ for a long trip out. Driven by SE Asian coal the owners finally get a better return in the Eastern hemisphere. 7-8k average for rounds and five figures obtainable for ECSA rounds basis India/Singapore range. Period activity is low but levels have come up to 9-10k depending on delivery and specs. Owners are reluctant to relet longer period despite a flat almost non-moving forward curve for the next 12 months” it stated.
Similarly, Shiptrade mentioned that “after the slow beginning of the week with lack of fresh cargoes and quite a few owners inevitably ballasting their vessels to Atlantic region, we saw some movement and a hint of pessimism mainly in the midweek with some very attractive rates. Transatlantic round closed at about USD 9,5/10,000 whilst fronthauls were fixed at levels of USD 17/18,000. In the Pacific basin this week started rather more aggressively. Indonesian and Australian cargo trading moved in satisfactory levels whereas NOPAC overall picture was not much positive in a continuation of last week’s low levels. However, we saw a respectful increase in the coal market on the Indo-South China route. As far as numerical terms are concerned, Indonesian and NOPAC rounds were fixed at the region of USD 5,5/6,000 and the period market also moved more or less at the same levels of USD 6,000” the Piraeus-based shipbroker noted.
Finally, on the Handy markets, Fearnleys stated that “slightly positive tendency for Supras in the Atlantic. Skaw deliveries fixed. Close to USD 6k, vs. low USD 5k last week for direction US Gulf. Return trips fixed USD 26k, up another USD 1k from last week. Fronthauls climbed steadily during the week, with prompt positions fixed USD 22k, up about USD 2k in a week. Rates for Supras open in SE Asia are firmer for prompt dates. Indo rounds can achieve USD 7-8k. A 57k dwt fixed USD 9k dop Thailand for an Indonesian coal cargo to EC India. Rates to WC India would be higher. There has been a force majeure declared at the iron ore loading port of Mormugao, which along with the prevailing monsoon will further pressurize rates. WCI-China rates are around USD 8k, slightly lower for S.African rounds, ECI-China rates are around USD 6.5k. Supras for short period is trading around USD 9.5k delivery China. Supras in the Red Sea are rating just under mid-teens for trip to India with ferts. There have been limited Nopac enquiries” the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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- Kobexindo Tractors - Indoneisa
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- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
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- Coal and Oil Company - UAE
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- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
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- Chamber of Mines of South Africa
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- Global Green Power PLC Corporation, Philippines
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- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
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- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
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- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
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- Eastern Coal Council - USA
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
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- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
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- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
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- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
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- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Indogreen Group - Indonesia
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- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
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- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Economic Council, Georgia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
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- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
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- Medco Energi Mining Internasional
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- Jaiprakash Power Ventures ltd
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- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
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- Indian Energy Exchange, India
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- Africa Commodities Group - South Africa
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