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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 capesize. The Baltic Exchange’s main index has shown an average weekly increase of 6.7% in March with constant gains for the last 16 days. It has moved near to 900 points by closing on Friday March 16th at 874 points, up by 6.07% on a weekly basis, and narrows the gap from the psychological barrier of 1,000 points. Capesize rates continue to be under pressure as spot fixture activity remains muted with average daily earnings standing below $5,500/day. The intense volatility in the iron market halts the solid performance of capesize vessels with panamaxes showing a firmer outlook on the back of a grain season in the Atlantic basin. Supramax vessels are outperforming among other vessel categories, from the beginning of March, with average daily earnings rising to more than $9,000/day.
Overall, all vessel categories experienced positive gains this week apart from capesizes with an euphoria in supramax and handysize vessels that leads the Baltic Dry Index at levels by 35% upwards from February 2nd, when it was at 648 points.
In the capesize segment, the BCI has lost another 37 points on a weekly basis by standing at 1,466 points, 2.46% down from previous week’s closing with vessel earnings below breakeven levels. Average time charter earnings for capesize vessels have fallen by 80% from the end of December 2011, when they were earning more than $27,000/day. An upcoming threat for capesize operators is the tropical cyclone Lua that is expected to cross the North West coast of Western Australia as a category four cyclone, disrupting mining operations and transport in the region.
Capesize spot rates on Australia to China are about $7.70 per tonne, down from about $7.90 per tonne last week, with capesizes halting their iron ore loadings at mining companies’ busiest ports. The Port Hedland iron ore terminal closed on Friday to escape the from Cyclone Lua, and miner Rio Tinto said operations were winding down at the two ports it uses, Dampier and Cape Lambert. The shutdown of Australia's major iron ore exporting port, Port Hedland, would be a negative factor for capesizes’ fixture activity and vessel earnings. Brazilian iron ore exports slumped 37% year on year in January as heavy rainfall disrupted production and demand in China eased.
In the panamax segment, a quiet Pacific market was rebalanced by modest improvements in cargoes from the Atlantic to Asia with vessel earnings moving to more than $7,700/day, but 50% lower from last year’s levels, when they were earning excess $16,000/day. The BPI closed on Friday at 971 points, up by 9.22% from last week with positive prospects for grain and thermal coal fixtures activity that will maintain the healthiest performance of smaller vessel segments against capesizes.
In the supramax market, vessels, which carry about 25 percent less than panamaxes, seem to have a better outlook in the heavy oversupplied dry bulk industry. Average time charter earnings for supramax vessels have shown a strong revival over the last three weeks with earnings more than $9,000/day, when at the end of January they were earning less than $7,000/day. Handysize units also follow with earnings more than $7,500/day, at similar levels with panamax earnings. The BSI closed at 951, up by 10.07% on a weekly basis, compared with a 9% and 8% rise in the panamax and handysize segment respectively.
The strong outlook of the supramax and handysize segment seems that will lift the BDI above the 1,000 points mark, but the outlook of dry bulk earnings is still negative as China cut its growth target last week. The fragile economic outlook of China signals an era of a weaker Chinese demand for iron ore, the world’s biggest buyer of the commodity and the main driver of the positive incline of the BDI.
Chinese iron ore inventories persist at hefty levels, near to 100 million tons, with iron ore import market sentiment showing signs of a slower growth at least till 2015. The government is aiming to boost the volume of imports to be sourced from Chinese invested mines abroad, by another 100m tonnes / year, to reduce the heavy reliance of the country on imports from Australia and Brazil. Moody’s Investors Service has warned that China’s growth in steel demand will slow sharply to 5.7% this year, almost half of the average 11.1% growth during the previous three years. Furthermore, the China Iron and Steel Association has halved its growth estimate for the steel industry from 8% last year to just 4% in 2012.
The dry bulk shipping industry is almost undeniable that will continue to be under serious strains for at least two years that will downsize the financial performance of dry bulk shipping players. According to Standard & Poor’s the dry bulk shipping sector will face the heaviest oversupply pressures over the next 12 to 18 months, compared with oil tanker and container market, and shipping firms will face tighter financing as banks cut their exposure to risky and dollar denominated assets.
Source: Maria Bertzeletou, Hellenic Shipping
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Wednesday, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
Monday, 02 April 12
BANGLADESH EYEING INDONESIA FOR COAL
COALspot.com - The high level executives of Center for Environmental and Geographic Information Services (CEGIS) of Bangladesh is visiting Ind ...
Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a pos ...
Saturday, 31 March 12
THE BDI CONTINUED TO MOVE UPWARD - VISTAAR
COALspot.com - The BDI continued to move upward and rose by 2.86 pct closing at 934 points.
The cape index was up by 3.14 pct closing at 1,412 po ...
Saturday, 31 March 12
SRI LANKA IMPORTS 152,555 MT OF INDONESIAN COAL IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, shipped 27.126* million tons of coal in February 2012, compared to 28.21* million to ...
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- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Economic Council, Georgia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
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