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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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Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, ...
Tuesday, 14 August 12
UNCERTAIN FUTURE FOR DRY BULK PANAMAX SHIPS - DREWRY / HELLENIC SHIPPING
The dry bulk shipping market is in a poor state, with the Capesize segment the worst of all. Unfortunately, the latest analysis from Drewry Maritime ...
Monday, 13 August 12
5TH VIETNAM PORTS AND LOGISTICS 2012
Press Release - Co-hosted by VINAMARINE, the 5th Vietnam Ports and Logistics2012 will feature dedicated sessions on port and transport infrastructur ...
Monday, 13 August 12
ACTIVE DRY BULK FLEET INCREASES BY 8% SO FAR IN 2012 IN TERMS OF TONNAGE CAPACITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s no wonder that the dry bulk market has been tethering since the start of the year. the overflow of tonnage has been so enormous, that eve ...
Sunday, 12 August 12
COAL FREIGHT RATES FALL FLAT TO SOFT ON OVERSUPPLY, WEAK DEMAND - VISTAAR SINGAPROE
COALspot.com - The BDI continued its fall 10th August.
This week all segments were down including BDI down by 9.15 pct closing at 774 points .The ...
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- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
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