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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, 03 August 12
INDIA - LIGHTS OUT! - SALVA
The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across nort ...
Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
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- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- White Energy Company Limited
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
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