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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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- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- White Energy Company Limited
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
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