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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, 21 July 12
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT NEXT WEEK - VISTAAR
COALspot.com - The freight market was soft this week as all the segments were down.
The BDI was down by 6.58 pct closing at 1,037 points and the ...
Saturday, 21 July 12
INDONESIAN COMPANIES ABM INVESTAMA AND AVRA ASIA WORK OUT LONG-TERM CONTRACT - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading English news papaer in Indonesia reported that, ABM Investama, a company with diversified interests in coal mi ...
Friday, 20 July 12
INDONESIA-INDIA SUPRAS BEING FIXED AT $ 10K
Handy
After a stable last week, the Handysize market has experienced softening rates in the Atlantic. Ships are ballasting from India into the Atla ...
Friday, 20 July 12
HANDYSIZES PROVE RATHER ATTRACTIVE AMONG OTHER SHIPS, IN TERMS OF FUTURE RETURNS ON INVESTMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The Handysize segment of the dry bulk market appears to offer the best incentive among other ship types, for a ship owners to invest in, says Interm ...
Wednesday, 18 July 12
TAIWAN POWER COMPANY TO IMPORT 0.588 MILLION TONS OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com - Taiwan Power Company intends to procure 588,000 MT tons of extra low sulfur sub-bituminous coal for Taipower thermal power plant thro ...
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- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
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