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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, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
Monday, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
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- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- The University of Queensland
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Australian Coal Association
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- PTC India Limited - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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