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Tuesday, 25 June 13
CAPESIZE MARKET TO REMAIN BULLISH SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 The dry bulk market has been experiencing its long-awaited rally, with the Baltic Dry Index, the industry's benchmark rising to healthier levels for ship owners. Yesterday, the BDI rose by an additional 35 points to 1,062, with Capesizes once again stealing the show, as the Baltic Capesize Index rose by 90 points to reach 1,912 points. According to the latest weekly report from Commodore Research & Consultancy, global spot chartering activity remained firm last week, which allowed dry bulk freight rates to find greater support. In total, 110 vessels were chartered to haul dry bulk commodities in the spot market last week, the same amount as the previous week. In addition, 10 vessels were chartered for period deals, 5 more than the previous week.
According to the analyst, "Capesize rates have been able to find the largest amount of support, as we have been anticipating, as capesize fleet growth has remained low. We continue to believe that as the months progress, the impact of low Capesize growth will become more pronounced in the market. We remain cautious for the Panamax market, however, as more Panamax vessels are set to continue to be delivered this year than any other type of dry bulk vessel". According to Commodore Research & Consultancy, "in China, demand for imported thermal coal in the spot market has remained under pressure as we have predicted. 7 vessels were chartered to haul thermal coal to Chinese buyers last week, 2 less than the previous week and 6 less than the trailing four week average. Qinhuangdao coal port stockpiles have risen above the critical 7 million ton level, which has caused demand for imported coal cargoes to decrease.
In the iron ore market, 25 vessels were chartered to haul iron ore to Chinese buyers last week, 10 more than the previous week and 10 more than the trailing four week average. This is the largest amount of Chinese iron ore fixtures to have surfaced since the Week Ending February 8. Various other developments including Taiwan agreeing to allow wheat imports from the US North Pacific, Indian electricity production setting another new record, and global steel prices remaining relatively low will also affect the market and are discussed in greater detail in the remainder of this week’s report. Approximately 145 vessels are anchored outside major Australian coal and iron ore ports, 20 more than a week ago. Approximately 45 vessels are anchored outside major Brazilian iron ore ports, 5 more than a week ago. Of the 190 vessels congested at major Australian and Brazilian coal and iron ore ports, approximately 140 of them are capesize vessels. In comparison, approximately 120 capesize vessels were anchored outside major Australian and Brazilian coal and iron ore ports a week ago" the analyst mentioned.
Meanwhile, South American grain and Indonesian coal fixture volume fell last week, which has caused the pace of growth in panamax rates to slow. It remains likely that the recent surge in South American grain fixtures and congestion at grain ports has helped panamax rates find support even though panamax fleet growth remains high. As South American grain fixtures and congestion stabilize, panamax rates could come under renewed pressure. Also hindering the panamax market is the recent decline in Chinese thermal coal fixture volume, which has come as a result of further coal stockpiling at the port of Qinhuangdao". Commodore said.
OUTLOOK
"Going forward, we remain bullish for the capesize market especially for the second half of the year. The Capesize market continues to benefit from low fleet growth, and as the months progress, the impact of low growth will become even more pronounced. We continue to believe that as long as Chinese demand for iron ore is strong during the second half of this year, then Capesize rates will find sustained support. It is also important to recognize the surge in Capesize rates that occurred during late 2012. As we discussed last year, and have highlighted in several reports this year, Capesize rates were able to find sustained support during the fourth quarter of last year as the Capesize fleet grew by an average net addition of only 3 vessels during August through December. In comparison, the previous seven months saw the Capesize fleet grow by a much larger average net addition of 16 vessels during January through July. So far this year, the Capesize fleet has been growing by an average net addition of approximately 5 vessels", Commodore predicted.
It concluded its argument by noting that "after a few months of low Capesize fleet growth last year, Cape rates were finally able to rise above $9,000/day by early October and then stayed above $13,000/day for seven straight weeks. This was a tremendous achievement considering that Cape rates stayed at depressed levels throughout the first three quarters of last year. For this year, we believe the Capesize market is showing signs of recovery that first were glimpsed during October of last year. While there will surely be fluctuation at times, it is likely that Capesize rates will find a good deal of strength during the second half of the year -- as long as Chinese demand for imported iron ore is strong. While it has been troubling that Chinese steel output has exceeded demand during several months this year, it is encouraging that Chinese iron ore imports have remained firm as spot iron ore import prices have stayed low. Overall, we believe iron ore import prices will stay low due to ongoing increases in global iron ore production. Low iron ore prices, robust iron ore imports, and low Capesize fleet would help Capesize rates find even greater support".
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 18 July 13
DRY BULK MARKETS RETAINS RECENT GAINS, MOVES SIDEWAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on moving sideways this week, as evidenced by the latest trends of the industry's benchmark, the Baltic Dry Index (BDI ...
Wednesday, 17 July 13
NEWCASTLE COAL EXPORTS FELL 3.85% ON WEEK
COALspot.com: Newcastle port in Australia has loaded 2,860,149 tons of coal for the week ended 0700 hours 15 July 2013, Newcastle Port Corp. s ...
Wednesday, 17 July 13
TORN BETWEEN A CREDIT CRUNCH AND SUSTAINABLE GROWTH - GEORGE DERMATIS
COALspot.com: In 2012 China expanded at a rate of 7.8%, its worst annual performance in 13 years, raising criticism over the newly appointed governm ...
Tuesday, 16 July 13
TAKE - OR - PAY CONTRACTS CONTINUE TO INCENTIVISE AUSTRALIAN COAL PRODUCERS DESPITE POTENTIAL NEGATIVE CASH MARGINS - WOOD MACKENZIE
Australia's coal production has continued to grow, despite lower coal prices in 2013. Global investors and suppliers are therefore questioning whet ...
Monday, 15 July 13
INDONESIAN GOVERNMENT HAS REVISED DOWN ITS JULY BENCH-MARK COAL PRICE TO US$ 81.69 PER MT
COALspot. com - Indonesian Coal Price Reference dropped 3.75 % and hitting a 2013 low. The Indonesian government has revised down its owned coal ben ...
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- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
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