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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, 21 March 13
HANDY : RBCT ROUNDS FIXED AT $ 9000 + 300K BB - FEARNRESEARCH
Handy
The Atlantic market remains firm with cargoes seen to support healthy rates as per last week. The USG-Feast was at USD 25k and Black Sea-Feas ...
Wednesday, 20 March 13
NTPC TO IMPORT SEVEN MILLION TONS COAL FOR FOUR MONTHS
COALspot.com : NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company has awarded&n ...
Tuesday, 19 March 13
CHINA GAS PRICE REFORMS AND APAC GAS PRICING - FITCH STREET VIEW
Fitch Ratings says pricing reform in the Chinese gas sector is unlikely to materially impact gas distributors' margins, and low gas prices in the U ...
Tuesday, 19 March 13
NEWCASTLE COAL EXPORTS FALL BY 4.27 PERCENT ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,365,561 MT of thermal and coking coal for week ended 0700 hours 18 March 2013, Newcast ...
Tuesday, 19 March 13
SHIP PRICES COULD BE CLOSING IN TO REACH THEIR BOTTOM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
One of the latest developments in shipping asset prices has been the reluctance from shipyards to further reduce their price expectations to higher ...
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- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- The University of Queensland
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
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