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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Australian Coal Association
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
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