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