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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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Friday, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
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- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Planning Commission, India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
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