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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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Wednesday, 18 July 12
SHIP PRICES HAVE FALLEN RAPIDLY THIS YEAR, FAVORING INVESTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The price for a 5 year old Capesize dry bulk carrier of 172,000 dwt has fallen to about $33,4mil from $42.9 at the end of June 2011, while at end of ...
Saturday, 14 July 12
FREIGHT MARKET SEEMS TO BE QUITE VOLATILE - VISTAAR
COALspot.com - The market seems to be quite volatile with the trend changing almost every week. This week all the segments were down except for Pana ...
Friday, 13 July 12
TRANSCOAL MINERGY HAS RECEIVED PMA STATUS IN INDONESIA
COALspot.com - PT Transcoal Minergy (“TCM”) has received official foreign owned company status from the Capital Investment Coordinating ...
Thursday, 12 July 12
LACK OF CAPESIZE DEMAND DRAGS DRY BULK MARKET LOWER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lack of demand for the larger Capesize dry bulk carriers had as a result the fall of the industry’s benchmark, the BDI (Baltic Dry Index), w ...
Thursday, 12 July 12
RIO TINTO'S SENIOR MANAGEMENT CHANGES
COALspot.com - Rio Tinto is making changes to its senior management team as chief financial officer (CFO) Guy Elliott has decided to retire at the e ...
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- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- The University of Queensland
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Planning Commission, India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
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