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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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Sunday, 07 July 13
COAL PRICES REMAIN UNDER PRESSURE
COALspot.com – Coal swaps for the year 2014 indicate that, the pressure on coal prices will continue at least until next year. Ave ...
Friday, 05 July 13
THE DRY BULK MARKET IS GOING FROM STRENGTH TO STRENGTH - INTERMODAL
The Capesize sector has been one that has gone through a wild rollercoaster of emotions this past decade, ranging from the exuberance witnessed duri ...
Thursday, 04 July 13
CHALLENGER SIGNS FORMAL EXCLUSIVE MINING AND MARKETING AGREEMENT FOR ABBR PROJECT IN CENTRAL KALIMANTAN
COALspot.com - Challenger Deep Resources Corp., through its subsidiary PT Bestindo Energy has signed the formal exclusive Mining and Marketing agree ...
Thursday, 04 July 13
ASX LISTED QBL TO ACQUIRE INTERESTS IN MOZAMBIQUE COAL EXPLORATION LICENSES
- QBL to acquire interests in two Mozambique exploration licences prospective for coal
- Licenses located in the highly prospective Zambezi basin, ...
Thursday, 04 July 13
HANDY : INDO/CHINA, CHARTERERS RATING AROUND US$ 10,000 - FEARNLEYS AS
Handy
The Feast market firmed slightly up as mid-July cargos entered the market, but charterers seems not in hurry to cover them and looking for ch ...
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- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
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