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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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Monday, 23 July 12
NTPC INVITES BIDS FOR 2.6 MILLION TONS OF LOW MOISTURE IMPORTED COAL
COALspot.com - India’s largest electricity generator, NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government ...
Sunday, 22 July 12
NEW CHAIRMAN FOR AUSTRALIAN COAL ASSOCIATION
The Australian Coal Association (ACA) announced that Mr Ross Willims has been appointed as its new independent Chairman effective November 5 2012. M ...
Sunday, 22 July 12
CENTRAL KALIMANTAN COAL RAILWAY NETWORK WILL BE BUILT BY 2015 - THE BORNEO POST
The borneo post reported that, a declaration to build a coal railway network is signed today (12/07/2012) in front of the Indonesian Vice President ...
Sunday, 22 July 12
COAL PRICES IN MIXED TRENDS; STOCKS REMAIN HIGH AT BOTH ENDS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery fell 0.99 percent on last Friday closing (d-o-d) and 1.19 percent com ...
Sunday, 22 July 12
TATA POWER SIGNS A LONG TERM COAL SUPPLY AGREEMENT WITH PT ANTANG GUNUNG MERATUS, INDONESIA
COALspot.com - Tata Power, India’s largest integrated power utility, last Friday announced that it has signed a long term coal suppl ...
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- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Planning Commission, India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
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