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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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Monday, 15 July 13
INDO COAL SWAPS ARE STRUGGLING FOR RIGHT DIRECTION
COALspot.com – Indo coal swaps are struggling to find the right direction. Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 d ...
Friday, 12 July 13
U.S. PRODUCED 18.40 MMST COAL WEEK ENDED 6 JULY 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.40 million short tons (mmst) of ...
Thursday, 11 July 13
PANAMAX: PACIFIC ROUND PAY AROUND $6,500/D; ATLANTIC ROUND VOYAGE PAY AROUND US$ 10,000/D - FEARNLEYS AS
Handy
The Feast market is quiet, July date cargoes remain unfixed as there is a gap between what owners aiming and charterers willing to pay. There ...
Wednesday, 10 July 13
DRY BULK MARKET IS STILL STRUGGLING TO SURVIVE - INTERMODAL
COALspot.com : With the first half of the year now behind us and, as expected, most shipping segments in the dry bulk market are struggling to survi ...
Tuesday, 09 July 13
COAL PRICE REMAINS SLUGGISH - TRIMEGAH
COALspot.com - Newcastle coal price has reached US$ 76.30/ton (-15.9% YTD), bringing YTD’13 average to stand at US$ 87.90/ton, 6.80% lower tha ...
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- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Australian Coal Association
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Planning Commission, India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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