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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, 06 May 13
INDONESIAN COAL PRICE REFERENCE FALLS CONTINUE
COALspot.com - The Indonesian government’s declared coal bench mark price has lost $ 3.23 / MT in May 2013.
The monthly coal pr ...
Sunday, 05 May 13
SUB-BIT FOB INDONESIA COAL - MIXED TREND; API 8 CFR SOUTH CHINA COAL - POSITIVE TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average June 2013 delivery has gained 0.28 percent and API 8 CFR South China Coal shipment&nb ...
Saturday, 04 May 13
INDONESIA TO INDIA PANAMAX FREIGHT : FLAT TO SOFT - CAPT. REDDY
COALspot.com - The demand for iron ore picked up and its pushed up the cape size index by 7.86 pct. Cape index closed at 1,344 points. The BDI ...
Friday, 03 May 13
US PRODUCED 17.9 MILLION SHORT TONS (MMST) OF COAL IN A WEEK
COALspot.com - U.S. produced totaled approximately 17.9 million short tons (mmst) in a week (For the week ended April 27, 2013), EIA said in its lat ...
Friday, 03 May 13
SHIP OWNERS ARE INVESTING HEAVILY IN DRY BULK CARRIER NEWBUILDINGS ONCE MORE: IS THERE ANY RATIONALE? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market remains heavily oversupplied and just as the orderbook of newbuildings had began to shrink, it seems that sh ...
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- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Parliament of New Zealand
- VISA Power Limited - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
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