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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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Friday, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
Tuesday, 12 February 13
GOVERNMENT DECLARED INDONESIAN THERMAL COAL PRICE INCHES UP IN FEBRUARY
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in February 2013.
The monthly coal refere ...
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- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Planning Commission, India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- MS Steel International - UAE
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
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