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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, 18 April 13
HANDY: STABLE ; PANAMAX: BUSY WEEK - FEARNRESEARCH
Handy
The Atlantic markets remain stable in this week. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 12k. The Pacific market is bit f ...
Thursday, 18 April 13
FEATURE: PREDICTING THE FUTURE - AND THE PAST - BIMCO
It’s not predicting the future that is problematical, it’s the realisation that you have to relive the past again and again when you fai ...
Wednesday, 17 April 13
INDONESIA SHIPPED 80 MILLION TONS OF COAL IN FIRST QUARTER - COAL DIRECTOR
COALspot.com - Indonesia has exported around 80 million tons of coal including power plant coal in first three months of this year.
Speaking on t ...
Tuesday, 16 April 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS JUMPED 20.87 PER CENT ON WEEK TO 3.07 MMT
COALspot.com - Newcastle port in Australia has loaded 3,077,431 tons of thermal and coking coal for week ended 0700 hours 15 April 2013, Newca ...
Monday, 15 April 13
SUB - BIT INDONESIA COAL SWAP SHOWS POSITIVE TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 2.70 percent and CFR South China coal shipment&nbs ...
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- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
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