We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Thursday, 13 June 13
BIMCO EXPECTS SUBDUED CAPESIZE EARNINGS FOR THE COMING WEEKS - HELLENIC SHIPPING NEWS
 Bulk is not only about China even though it is a key driver. In this section, we have taken a closer look at the European seaborne coal markets, which is going through some interesting times right now. European coal demand has been in a slump ever since early 2009, where seaborne demand fell by 14 million tons from the first to the second quarter. Import volumes during the last three quarters of 2011 indicated that seaborne coal demand was recovering, but the development stalled somewhat in 2012. Looking on a country basis, the nation with the biggest decline was Italy, with annual seaborne imports being roughly 8 million tons lower today than before the financial crisis. France has also decreased its imports by around 4-5 million tons annually. The United Kingdom and Spain have weakened as well, but these countries seem to be on a rebound, with volumes being slightly below pre-financial crisis levels. The Netherlands and Germany have had relatively stable import numbers since 2005.
The bulk of seaborne coal going to Europe comes from North America, Colombia and Russia. The United States and Colombia have doubled their exports to Europe, while Russia has maintained its share of the European demand. Russian coal is shipped from both Russian and Latvian ports; Colombian coal is primarily shipped from the Caribbean, while US coal is primarily shipped from the Atlantic Coast and the Mexican Gulf. The drop in European seaborne demand for coal did not affect these countries, but rather South Africa. From being the single largest coal exporter to Europe with 52.0 million tons in 2005, the country has become a footnote, with 13.6 million tons in 2011. This represents bad business for the shipping industry, since the sailing distance from Richards Bay to Rotterdam is 98% longer than from Hampton Roads and 61% longer than from Puerto Bolivar.
Although European coal imports didn’t tell a particular positive story for shipping, US exports most certainly did. We expect to publish a story on this within the next couple of weeks.
On a more general note regarding the bulk market, China is expected to increase its imports of wheat, as sub-standard storage facilities have damaged a part of the huge Chinese stockpiles. Traders said that China is seeking to increase imports when global prices are in a slump. Current forward prices indicate that this may happen during the third quarter of 2013. According to Chinese customs statistics, the main exporters of wheat to China are Australia, Canada and United States, the latter two providing significant tonne miles.
Meanwhile, Argentina is exporting record high volumes of grains; CRSL reported that Argentina exported 4.86 million tons of grains in March – the highest number ever for a single month. This gave a spike in Panamax rates with the BPI staying just below the psychological barrier of USD 10,000 per day in March and April, but earnings are now slightly lower at around USD 7,000 per day. In our last report, we predicted that Panamax rates would stay in the USD 5,000-10,000 per day territory; going forward seasonal events like Argentinian exports are likely to provide for the upside ticks.
SUPPLY
New dry bulk deliveries walk the anticipated line and have now reached 29 million DWT. Meanwhile, 11 million DWT have been sold for recycling, which brings the year-to-date fleet growth up to 2.8%. The inflow is seen primarily in the Panamax segment, where 136 (in 2012: 162) new vessels are keeping Panamax fleet growth high. Simultaneously, the Capesize segment only saw 48 (in 2012: 115) new vessels coming on stream, eventually easing some of the pain from the current overcapacity.
Average age and size of the demolished tonnage is 28 years and 60,000 DWT. In line with the development seen in the last couple of years, the average age is still trending down – whereas the average size is essentially unchanged. BIMCO forecasts a slightly lower level of tonnage being demolished in 2013 as compared to last year; however, it is still going to be the second-largest year on record. The solid level of demolition prices will inspire owners to consider recycling, rather than trading their old tonnage in a very volatile market without certainty of sustainable freight rates and against more energy efficient tonnage.
As regards the orderbook, it’s also moving in the right direction in spite of the recent flurry of new orders for more fuel-efficient tonnage. During the past 10 weeks the number of newbuilding orders in the book has come down from 1,599 to 1,548. Finally, on the ordering side, strong interest in Capesizes remains evident, with 62 new orders in 2013. A total of 18 million DWT has been ordered in the year so far, with March and April seeing total new orders placed in excess of 4.5 million DWT each month.
OUTLOOK
The Summer lull is creeping up on dry bulk shipping demand following the successful South American grain season. Fortunately, solid demand is keeping spirits up in the dry bulk industry, while the severe extent of overcapacity is pushing the date for a full-blown recovery of earnings into a somewhat distant future. For now the market is getting more and more spot focused, as no owners want to commit tonnage for longer terms at offered levels. Don’t look at the paper market for any support, because you won’t find it. FFA indications (10/6) for Capesize tonnage go to the tune of USD per day: Q3-13, Q4-13, Cal 14 and Cal 15: 7,550, 12,000, 11,450 and 13,700 and for Supramax the indications go as follows in USD per day for the same dates: 7,900, 8,400, 8,600 and 8,900. USD per day in the spot market (10/6): Capesize for 5,571 and Supramax for 9,307.
Expect the unexpected from the dry bulk market seems to be the message passed on in recent years – and today is no different, as Handysize tonnage is earning USD 10,900 per day on an Atlantic round voyage whereas Capesizes are struggling to get a 1 year T/C fixed at USD 10,500 per day if at all. With respect to freight rates for Panamax and Supramax tonnage, they have lost ground since the beginning of March.
To sum up, our forecast for the coming 6 weeks: BIMCO holds the view that Capesize TC average rates are expected to remain subdued around USD 4,500-7,500 per day. Panamax is expected to stay in the USD 4,500-8,000 per day interval. For the Supramax segment, BIMCO forecasts freight rates in the USD 7,000-10,000 per day interval, whereas Handysize rates are forecast to stay at the interval of USD 6,000-8,500 per day.
Source: BIMCO / Hellenic Shipping News
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
|
|
|
Showing 291 to 295 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- The University of Queensland
- Anglo American - United Kingdom
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
|
| |
| |
|
