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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Australian Coal Association
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
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