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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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Tuesday, 11 June 13
COAL: NO SIGN OF RECOVERY - GABRIELLA
COALspot.com: We attended the 19th Annual Coaltrans Asia Conference, where we found most of the speakers were not very optimistic on the outlook for ...
Tuesday, 11 June 13
NEWCASTLE PORT SHIPPED MORE COAL WEEK ENDED 11 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 3,104,509 tons of coal for the week ended 0700 hours 11 June 2013, Newcastle Port Corp. ...
Tuesday, 11 June 13
OUTLOOK FOR CAPESIZES LOOKS GRIM, DESPITE FALLING IRON ORE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Things aren't looking all that rosy for the dry bulk market, despite a stronger volume of iron ore imports during the months of March and April, as ...
Sunday, 09 June 13
CFR SOUTH CHINA COAL SWAP IS UNDER PRESSURE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 0.03 percent week on week but gained 0.07 pe ...
Sunday, 09 June 13
IRON ORE DEMAND: WEAK; COAL MOVEMENT: STEADY TO INDIA AND CHINA - CAPT. REDDY
COALspot.com - The freight market was fairly steady with BDI up by 0.37 per cent closed at 812 points this week.
The Cape index was also ended in ...
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- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Planning Commission, India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
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