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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, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
Thursday, 14 March 13
DRY BULK MARKET KEEPS ON RISING MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has maintained its rising momentum, on the back of increased cargo availability. According to yesterday's figures, the industry ...
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- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- The University of Queensland
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
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