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Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were higher, with the Panamax Index gaining the most at 1,145 points, while the Capesize one was also on a high. The only exception was the Handysize market, which retreated by four points yesterday. Still, the index is more than 30% lower than the start of the year, with capesize average spot charter earnings showing a fall of more than 80% by reaching levels of $3,988/day, from about $24,000/day at the beginning of the year. On mid June, capesize average spot earnings fell at their lowest point since December 2008, of less than $3,500/day, with panamax vessels showing softness at levels of less than $8,000/day from more than $13,000/day at the beginning of May.
In recent comments, Golden Destiny’s analysts noted that “during the first days of July, BDI continues its upward trend with capesize average spot earnings surpassing the barrier of $5,000/day and panamax earnings climbing to more than $8,000/day. Smaller vessel categories, supramax and handysize units are showing firmness at levels of more than $13,000/day and $10,000/day respectively. The positive performance of smaller vessel categories has been supported by increased movement of grains and a number of minor bulk cargoes, while the fragile Chinese iron ore and coal demand impaired the demand for capesize and panamax tonnage. Chinese demand for imported iron ore cargo posed weakness in June due to a tremendous decline in steel production and a large amount of iron ore stockpiled at Chinese ports, despite the rise of Chinese iron ore imports in the first five months of the year to around 300.1mt, up 9% year-on-year” they said.
Still, as Maria Bertzeletou noted in the latest weekly report from Golden Destiny, the prospects for the second half of the year aren’t yet promising in all for the dry bulk market. “Chinese steel production has not yet recovered, port stockpiles are elevated, above 96 million tons of iron ore and 8.7 million tons of coal, while Chinese iron ore demand is expected to show not significant strength in the coming weeks. Chinese demand for imported thermal coal is also poised to remain low on the short term, as power plant and coal stockpiles remain high and hydropower production continues to be on rise. However, peak summer electricity demand season is underway in China and a rebound in thermal coal fixture volume is likely for the second half of the year with stronger panamax earnings. Top grade iron ore price shows sings of weakness with the benchmark 62% iron ore content price falling to $135/tonne as Chinese steelmakers have reduced their purchases from declining steel production that has hit the iron ore supply chain” she said.
She also added that “despite the recent negative picture of capesize ton mille demand, there is still faith in the segment as Chinese government’s stimulus measures in the industrial sector may bring firmer iron ore demand, but it seems difficult the capesize average spot earning to surpass the levels of $10,000/day as they are struggling to perform in the current vessel’s supply figures, when in December of 2011, they were floating at levels near to $30,000/day. Under the current fundamentals, shipping players prefer to move towards the scrapping of overaged large sized vessels, capesizes and panamaxes, with secondhand investments being on the frontline as more preferable type of investment than the construction of new units.
Secondhand asset prices have plunged from the first half of 2011, especially in the large sized vessel segments, capesize and panamax, with the BDI triggering further falls during the second half of the year. According to the Baltic Exchange’s Sale and Purchase Assessments, the value of a 5yrs old capesize of 172,000dwt has dropped to about $33,4mil from $42,9 at the end of June 2011, while at end of June 2008 was more than $153mil. In the panamax market, the value of a 5yrs old vessel of 74,000dwt is now at near $23mil, from $30,8 at the end of June 2011, while at the end of June 2008 was more than $88mil. In the supramax segment, the value of 5yrs old vessel of 52,000dwt is now in the region of $22mil from $27,5mil at the end of June 2011, while at the end of June 2008 was at more than $75mil” she concluded.
Still, for the time being Capesizes are currently earning $7,904/day, an increase of $3,916/day from a week ago, while panamaxes are earning $9,002/day, an increase of $1,167/day. At similar week in 2011, capesizes were earning $13,995/day, while panamaxes were earning $13,471/day. Supramaxes are trading at $13,556/day, up by $411day from last week’s closing, 72% and 51% higher than capesize and panamax earnings respectively. At similar week in 2011, supramaxes were getting $13,443/day, hovering at 3.9% lower levels than capesizes versus 72% today’s higher levels. Handysizes are trading at $ 10,309/day; down $105/day from last week, when at similar week in 2011 were earning $10,422/day.
Source: Nikos Roussanoglou, Hellenic Shipping News
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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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- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
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