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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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Tuesday, 15 January 13
2ND MYANMAR MINING SUMMIT & OFFICIAL HOST MINISTRY OF MINES TO WELCOME OVER 200 DELEGATES NEXT WEEK
Press Release: The Ministry of Mines is hosting the 2nd Myanmar Mining Summit in Yangon on 21-24 January to unravel the local mining climate, prospe ...
Monday, 14 January 13
NEWCASTLE PORT SHIPPED 2.32 PERCENT LESS COAL W/E 14 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 3,123,312 MT of thermal and coking coal for week ended 0700 hours 14 January 2013, Newca ...
Monday, 14 January 13
THE COAL MONGOLIA - 2013 OFFICIALLY IN COOPERATION WITH TOP MINING COMPANIES
Press Release: Mongolian first mining portal site Mining.mn has already started its preparation of the International Conference “COAL MONGOLIA ...
Monday, 14 January 13
NTPC INVITES BIDS FOR 500K MT OF IMPORTED COAL
COALspot.com - NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company called for a ...
Sunday, 13 January 13
THE FREIGHT MARKET: FAIRLY STEADY - VISTAAR
COALspot.com - The freight market was fairly steady with all the indices up with maximum gain in the Panamax segment. The BDI was up by 7.65 pct clo ...
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- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- The University of Queensland
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
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