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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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Monday, 11 February 13
NEWCASTLE PORT SHIPPED 23.01 PERCENT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,967,761 MT of thermal and coking coal for week ended 0700 hours 11 February 2013, Newc ...
Sunday, 10 February 13
INDONESIA SUB-BIT SWAPS: "UP" - CFR SOUTH CHINA SWAPS: "DOWN"
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.72 percent W-O-W and CFR South China coal shipme ...
Sunday, 10 February 13
DRY BULK OVERSUPPLY OF TONNAGE SEEN WANING IN THE COMING MONTHS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It seems that the tide could be shifting in the dry bulk market, in terms of tonnage oversupply, according to the latest data figures. This could ex ...
Sunday, 10 February 13
HIGHER BUNKER PRICE PUSHES SEA FREIGHTS FIRM - REDDY
COALspot.com - The freight market was soft and all at same levels with Chinese year holidays next week.
The BDI was slightly down by 0.27 pct ad ...
Friday, 08 February 13
NORTH P&I CLUB WARNS OF LIQUEFACTION RISK FOR BAUXITE CARGOES
The ‘A’ rated 170 million GT North P&I club has warned shipowners carrying bauxite aluminium ore cargoes that they have the potentia ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- PTC India Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
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