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Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straight session to 938 points, rising by 14 points. The rise was once again triggered by the smaller ship types, with the Panamax market rising by 16 points, or 1.5% to 1,081 points, with average daily earnings rising to $8,592. By contrast, the Capesize market was once again falling, with the relative index falling by 10 points to 1,138 points, as a result of tumbling iron ore demand. As a result average daily earnings dropping at just $3,377, a multi-year low.
In a relative note, analyst Commodore Research predicted a new fall of the market, which will most likely impact Panamaxes the most. Commodore mentioned that “it might be hard for some to believe, but at the start of the year capesize rates were averaging $23,991/day. Capesize rates quickly came under intense vessel supply-related pressure, however, and have remained below $10,000/day since January 12th. More recently, rates have come under additional pressure due to the ongoing lull in Chinese iron ore demand. While near-term prospects for capesize rates remain bleak - first and foremost due to the tremendous amount of capesize vessels that will remain available in the market - a strong case can be made that future prospects for panamax rates are considerably worse” said Commodore.
It concluded by mentioning that “for the second half of this year, the orderbook for panamax vessels stands at roughly 355 vessels, while the orderbook for capesize vessels stands at roughly 145 vessels. The 2013 panamax orderbook dwarfs the 2013 capesize orderbook as well. For 2013, the orderbook for panamax vessels stands at roughly 240 vessels, while the orderbook for capesize vessels stands at roughly 90 vessels. In 2013, the panamax market is poised to become the most oversupplied of all of the dry bulk vessel classes. The 595 panamax vessels expected to be delivered by the end of 2013 represent a growth of approximately 28% on the current panamax fleet. The 235 capesize vessels expected to be delivered represent a growth of approximately 16% on the current capesize fleet. While the story for 2012 will likely remain the depressed capesize market, panamax rates are likely to feel great pain in 2013” said Commodore.
In an earlier note, BIMCO had noted that “the dry bulk market is under immense pressure, as the retreating weight of China as the driver of the market is extensively felt. At a time when supply growth simply breaks new mind-blowing delivery records, the demand situation is pitching in a bit too. Currently, there are reports of Chinese customers in the steel industry that are refusing to honour their contract as prices drop, and stock piles are fuller than normal at a time when steel mills take their foot off the throttle following a red-hot production period in recent months. Current fundamental demand/consumption is not strong enough to support such a high production level. As the world awaits the next anticipated Chinese stimulus package to lift demand, the dry bulk market is scouting for another saviour to get it through the day. Crude steel production in China surpassed 60 million tons a month in both March and April. The monthly average in 2011 was 57 million per month” said BIMCO.
It added that “the first five months average earnings of a Capesize bulker ended at USD 7,013 per day. This is down by 13% as compared to the same period last year that earned USD 8,060 per day. The time charter average has only been above USD 10,000 per day in the first 11 days of the year. The brief strengthening of freight rates in the midst of May unfortunately proved to be short-lived. As suggested two months ago, the downward overshooting of rates was corrected upwards with stronger rates during April and the first half of May, but as the optimism in the macroeconomic picture also began to fade, so did the freight market.
China imports more coal when the price gap between Chinese thermal coal (less a heat discount) and imported thermal coal is providing an arbitrage opportunity (including freight costs). When e.g. Australian or Indonesian coal prices become relatively cheaper, Chinese buyers are interested in importing more coal from Australia, which is good news for ship owners. In 2011 the price gap widened substantially, leading to hitherto unseen levels of thermal coal imports to China. If the price of Australian and Indonesian coal drops below the price of Chinese coal, as has been the case the last few months, we might see Chinese imports get back strongly when coal demand peaks in July. This could make 2012 imports surpass those record volumes of 2011” BIMCO concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Planning Commission, India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
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