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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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Saturday, 28 July 12
CAL 2013 COAL SWAPS ARE HIGHER COMPARED TO SEPT 2012 PRICES
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery gain 0.47 percent on Friday (27 July 2012) closing DoD but lost 0.90 ...
Friday, 27 July 12
PACIFIC MARKET REMAINED FLAT - FEARNLEYS AS
Handy
The Atlantic market continued its downward trend from last week with what appears to be a summer lull across the board. A trip from the USG t ...
Wednesday, 25 July 12
BUKIT ASAMS H1 REVENUE JUMPED BY 13 PERCENT
COALspot.com - PT Bukit Asam (Persero), Tbk., the state owned coal miner's revenue in H1 2012, has jumped 13 percent to IDR 5.79 trillion (approxim ...
Wednesday, 25 July 12
BUMI RESOURCES MINERALS SECURED PINJAM PAKAI FOR ITS ZINC AND LEAD PROJECT
COALspot.com - PT Bumi Resources Minerals Tbk. ("BRMS" or "the Company") today reported that its 80% owned subsidiary, PT Dairi ...
Tuesday, 24 July 12
SHIP OWNERS WAITING FOR SHIP PRICES TO FALL FURTHER BEFORE MOVING IN MORE AGGRESSIVELY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the summer season already well under way and many ship owners getting ready for the autumn, the sale & purchasing activity of second hand v ...
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- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- CNBM International Corporation - China
- Australian Coal Association
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
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