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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, 19 May 13
COAL PRICES ARE SLUMPING DUE TO WEAK DEMAND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have gained 0.03 percent and API 8 CFR South China Coal shipment g ...
Sunday, 19 May 13
FREIGHT RATES TO REMAIN UNSTABLE AND VOLATILE - CAPT. REDDY
COALspot.com – The freight remained weak this week with all the segments down.
The BDI, the Baltic Dry Index is a number issued daily by th ...
Friday, 17 May 13
US COAL PRODUCTION CLIMBED 3.35 PER CENT WEEK ON WEEK
COALspot.com - U.S. produced totaled approximately 18.50 million short tons (mmst) in a week (For the week ended May 11, 2013), EIA said in its late ...
Thursday, 16 May 13
PANAMAX: THE FORWARD CURVE IS FALLING GRADUALLY - FEARNRESEARCH
Handy
The Atlantic market remained quiet. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The Pacific market remained uncertain as ...
Tuesday, 14 May 13
KALIMANTAN COAL
Press Release : After a very successful conference in 2012, the second annual event will address latest market developments and address the future p ...
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- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Australian Coal Association
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
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- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
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- International Coal Ventures Pvt Ltd - India
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- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
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- Dalmia Cement Bharat India
- The University of Queensland
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
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- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
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- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
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