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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 $13,000/day for seven straight weeks. This was a tremendous achievement considering that Cape rates stayed at depressed levels throughout the first three quarters of last year. For this year, we believe the Capesize market is showing signs of recovery that first were glimpsed during October of last year. While there will surely be fluctuation at times, it is likely that Capesize rates will find a good deal of strength during the second half of the year -- as long as Chinese demand for imported iron ore is strong. While it has been troubling that Chinese steel output has exceeded demand during several months this year, it is encouraging that Chinese iron ore imports have remained firm as spot iron ore import prices have stayed low. Overall, we believe iron ore import prices will stay low due to ongoing increases in global iron ore production. Low iron ore prices, robust iron ore imports, and low Capesize fleet would help Capesize rates find even greater support".
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 12 January 13
SUB-BIT FOB INDONESIA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has lost 0.32 percent WoW but CFR South China coal ship ...
Saturday, 12 January 13
HIGHER COAL PRICES: SEASONAL EFFECT
COALspot.com : Bahana Securities, one of the leading securities in Indonesia, said in its latest coal outlook that, on US and China&rsquo ...
Friday, 11 January 13
HBA HAS JUMPED BY US$ 5.80 PMT IN JANUARY 2013
COALspot.com - The Indonesian government has declared bench mark price for coal higher than December price. The monthly coal reference price f ...
Thursday, 10 January 13
PANAMAX : SOME GLIMMERS OF HOPE MID WEEK - FEARNLEYS
According to Fearnley’s weekly report, the Atlantic handy market is stable with rates around USD 11k for Cont-Feast and USD 17k bss USG/Feast. ...
Thursday, 10 January 13
DRY BULK PANAMAX MARKET HEAVILY OVERSUPPLIED, UNLIKELY TO FIND SUPPORT IN 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite positive indication for a significant surge of dry bulk demand this year, the oversupply problems of the market, will continue to weigh heav ...
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- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
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