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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, 13 June 13
HANDY: SHORT PERIOD WERE FIXED AT AROUND USD 9000 LEVEL
Handy
Despite falling rates for bigger sizes, the Supras in Atlantic are seeing some improvements with fresh biz. US Gulf positions fetching tick a ...
Thursday, 13 June 13
BIMCO EXPECTS SUBDUED CAPESIZE EARNINGS FOR THE COMING WEEKS - HELLENIC SHIPPING NEWS
Bulk is not only about China even though it is a key driver. In this section, we have taken a closer look at the European seaborne coal markets, whi ...
Thursday, 13 June 13
RIO TINTO AGREES SALE OF EAGLE PROJECT FOR AN ESTIMATED US$325 MILLION IN CASH
COALspot.com - Rio Tinto has reached a binding agreement to sell its Eagle project to Lundin Mining Corporation for an estimated US$325 million in c ...
Thursday, 13 June 13
HARD COAL IMPORTS RISE SHARPLY IN GERMANY IN Q1 2013 - COAL IMPORTERS ASSOCIATION
Coal-fired Power Plants in Germany: Pillars of the Grid and the Energy Turnaround; Hard Coal Consumption and Hard Coal Imports Rise Sharply in Germa ...
Wednesday, 12 June 13
INDONESIAN COAL PRICE REFERENCE SLIDES TO 2013 LOW
COALspot.com - Indonesian Coal Price Reference continues to take its lumps this month, dropping about 0.54 % and hitting a 2013 low. The Indonesian ...
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- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Australian Coal Association
- Romanian Commodities Exchange
- The Treasury - Australian Government
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- The University of Queensland
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
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