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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, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Roth ...
Tuesday, 19 February 13
NEWCASTLE PORT SHIPPED 38.65 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 1,820,559 MT of thermal and coking coal for week ended 0700 hours 18 February 2013, Newc ...
Monday, 18 February 13
78.75 MILLION TONS OF COAL RESERVES ARE NEWLY PROVEN IN WUGANG HUNAN PROVINCE
COALspot.com - Recently, Wugang City, known as the CHINA hundred key coal producing cities, achieved new breakthroughs in coal exploration: deep coa ...
Sunday, 17 February 13
STEEL DEMAND WILL HELP TO PUSH UP FREIGHT RATES - VISTAAR
COALspot.com - This freight market has been fairly steady week ended 15 February 2013.
The BDI was slightly up by 0.67 pct closing at 753 points ...
Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
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- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
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