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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
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