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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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Wednesday, 10 April 13
US COAL CONSUMPTION TO INCREASE FROM 889 MMST IN 2012 TO 948 MMST IN 2013 AND 957 MMST IN 2014 - EIA
Based on estimates for the first quarter of 2013, American coal production has continued to decline.
Total production is down 9.9 million short t ...
Wednesday, 10 April 13
DRY BULK FREIGHT RATES SEEN MOSTLY STABLE IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
In its latest report, BIMCO forecast that for the coming six weeks, Capesize time charter average rates will remain subdued around $4,500-8,500 per ...
Monday, 08 April 13
SUB-BIT INDONESIA COAL SWAPS: UPWARD TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 2.71 percent and CFR South China coal shipment&nbs ...
Sunday, 07 April 13
CHARTER RATES ARE UNDER PRESSURE DUE TO DECLINING DEMAND - VISTAAR
COALspot.com - The freight market continued to fall further with all the indices down.
The BDI was down by 5.38 pct closing at 861 points and the ...
Friday, 05 April 13
SGX API 8 CFR SOUTH CHINA COAL SWAPS TO GO LIVE
COALspot.com - The Exchange has announced that the SGX API 8 CFR South China Coal Swap will go live for clearing on SGX-DC starting from 29 Ap ...
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- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- The University of Queensland
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Aditya Birla Group - India
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