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Thursday, 26 April 12
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 points, up by 2.16%. The real "star" has been the Panamax market, which has surged by an impressive 32.77% since the start of the past week. As a result, a modern Panamax can now earn more per day than the much larger in size Capesize segment. Last week, Capesize average time charter earnings were down by 5.6%, versus an increase of 28.4% for the Panamax segment.
Capesizes are currently earning $6,598/day, $1,884/day less than handysizes, showing a decline of $394/day from a week ago, while panamaxes are earning $11,882/day, an increase of $2,618/day. At similar week in 2011, capesizes were earning $6,493/day, while panamaxes were earning $11,666/day. Supramaxes are trading at $10,667/day, up by $877/day from last week’s closing, 61% higher than capesize and 10% lower than panamax earnings. At similar week in 2011, supramaxes were getting $14,695/day, up by 38% from the current levels and 126% higher levels than capesizes. Handysize vessels are trading at $ 8,482/day; an increase by $281/day from last week, when at similar week in 2011 handysize units were earning $11,933/day.
In its latest weekly analysis of the shipping environment, shipbroker Golden Destiny mentioned that the Panamax market continues to gain from the South American grain season and fixture activity from coal demand ahead of the peak summer season. The low levels of Qinhuangdao coal stockpiles, around 5,5 million tons, due to ongoing maintenance in China’s coal Daqin Railway supports a surge in thermal coal fixture volume that boosts earnings for panamax vessels. Chinese coal imports show robust signs that provide a relief for panamax vessels. According to recently data released, China imported 21,4 million tons of coal in March, 4% more than imported in February and 137% more than imported in March 2011.
But it has to be said that “even the positive developments seen in China’s steel market and predictions for an ongoing iron ore appetite, the dry bulk market is still pressed from heavy ship supply that outpaces commodity demand with capesize average time charter earnings hovering at levels almost 80% lower than mid-December, in the region of $6,600/day from $32,000/day, with supramax and panamax earnings being in the excess of $10,000/day, when in March 2011 where at levels of excess $16,000/day. In the steel market, Chinese iron ore imports have shown a 6% increase for the first three months of the year from the first quarter of 2011. China imported approximately 187.2mt of iron ore, 10.1 more than imported during the first three months of 2011, which implies that China keeps their buying momentum despite the hefty iron ore port stockpiles, in the region of 97,6 million tons. In order to compensate for the decline in Indian iron ore exports and reduce its reliance on Australia and Brazil continues to import a growing amount of iron ore from minor exporters. One more positive sign for the recent upturn in capesize earnings is that Chinese mills have resumed their production by producing a large amount of steel. According to the National Bureau of Statistics, Chinese steel mills produced a record 61.58 million tons of crude steel in March, 5.7mt (10%) more than produced in February and 2.18mt (4%) more than produced in March 2011. The momentum continues in April with daily crude steel output hitting a record 2.03 million tonnes in the first 10 days of this month, as per data from the China Iron Ore & Steel Association” concluded Golden Destiny.
In its weekly dry bulk report, Paris-based BRS commented on the Panamax market, by saying that the firming up of the market was mainly due to “a tight tonnage offering in the Atlantic, pushing the TA round from $9,000 to almost $14,000 per day. This surprised many players and is due to the active ECSA/USG market destined for China and India. Today the amount of tonnage is very tight in the market and owner are pushing rates up. It has been a long time since we saw an owners’ market such as this. East of Suez, the market was not that active but remained stable. The Nopac round is paying $11-11,500 per day and short period is starting to pick up a bit, with operators paying $12-12,500 for LME delivery North China redelivery worldwide. The ECSA market was paying $14,000 passing Singapore redelivery Singapore/Japan range” it said in the report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Planning Commission, India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
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