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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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Saturday, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
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- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
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