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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Planning Commission, India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
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