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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, 24 June 13
INDONESIA COAL SWAP FOR AUGUST 2013 DELIVERY GAINS WEEK ON WEEK
COALspot.com – Coal prices for immediate supply contracts have started moving up, but prices for next year supply shows a negative trend ...
Sunday, 23 June 13
BDI CROSSED ITS PSYCHOLOGICAL BARRIER THIS WEEK - VISTAAR
COALspot.com : The BDI crossed the psychological barrier of 1000 points after many months and closed at 1,027 points, which were up by 14.11 pct wee ...
Sunday, 23 June 13
SHIP PRICES NOT FOLLOWING FREIGHT MARKET FUNDAMENTALS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although it's been the case in many occasions in the past, it appears that ship prices haven't been quite following freight market fundamentals, i ...
Friday, 21 June 13
U.S. COAL PRODUCTION INCREASED WEEK ON WEEK, EIA SAYS
COALspot.com – United states the world’s second largest coal producer produced totalled approximately 19.70 million short tons (mmst) of ...
Thursday, 20 June 13
CAPESIZE : FINALLY A SUBSTANTIAL IMPROVEMENT IN RATES! - FEARNLEYS A.S
Handy
Atlantic market kept a steady curve from last week. US Gulf positions fetched tick above USD 21k for Cont/Skaw direction, and vessels fixed f ...
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- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
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