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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, 07 August 12
2ND ANNUAL FLOATING TERMINALS
Press Release - After a ground breaking and successful launch in 2011, the 2nd Annual Floating Terminals conferenceis back to address innovation, co ...
Tuesday, 07 August 12
KRISHNAPATNAM PORT HAS DISCHARGED 122,247 MTS OF COAL IN JUST 24 HRS
COALspot.com - Keeping with the tradition of the new records that are set at the Olympic Games 2012, Krishnapatnam Port has also achieved in setting ...
Tuesday, 07 August 12
THE JAKARTA POST EDITORIAL: REVISITING THE MINING LAW
The Jakarta post, one of the leading English news paper in Indonesia writes in its editorial today, what the domestic and foreign investors had drea ...
Tuesday, 07 August 12
BARAMULTI SET TO LIST ON BOURSE IN Q4 - JP
The Jakarta Post reported that, coal miner PT Baramulti Sukses Sarana is preparing to make its shares available to the public in the fourth quarter ...
Tuesday, 07 August 12
REALM RESOURCES COMPLETES STUDY ON ITS KATINGAN RIA COAL PROJECT
COALspot.com - Realm Resources Ltd. has announced that it has completed the Project Study for the Katingan Ria Project in Central Kalimantan, Indone ...
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- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Australian Coal Association
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
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