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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 $13,000/day for seven straight weeks. This was a tremendous achievement considering that Cape rates stayed at depressed levels throughout the first three quarters of last year. For this year, we believe the Capesize market is showing signs of recovery that first were glimpsed during October of last year. While there will surely be fluctuation at times, it is likely that Capesize rates will find a good deal of strength during the second half of the year -- as long as Chinese demand for imported iron ore is strong. While it has been troubling that Chinese steel output has exceeded demand during several months this year, it is encouraging that Chinese iron ore imports have remained firm as spot iron ore import prices have stayed low. Overall, we believe iron ore import prices will stay low due to ongoing increases in global iron ore production. Low iron ore prices, robust iron ore imports, and low Capesize fleet would help Capesize rates find even greater support".
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 05 January 13
THE SHIPPING MARKET IN 2012 AND LOOKING FORWARD - BIMCO
Global Economy: Things will go up from here
The global economy continues to grow, albeit at a slower pace than previous years. The slower economic ...
Friday, 04 January 13
DRY BULK MARKET LOOKING FOR DIRECTION IN FIRST TRADING DAYS OF THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is actively looking for its footing at the start of the New Year, as charters have been scarce, as is usually the case during th ...
Thursday, 03 January 13
INDONESIAN SUB-BITUMINOUS COAL SWAPS CLOSED US$ 6.86 HIGHER FOR 2014 DELIVERY
COALspot.com - Swaps prices were changed positively for thermal coal for loading in the first quarter from Indonesia, according to SGX AsiaClear OTC ...
Thursday, 03 January 13
SUPRMAX FREIGHT RATE FROM RED SEA / INDIA IS AROUND MID TEENS - FEARNLEYS
Fearnleys in its weekly report said that, Indian market was very quiet in respect of export of iron ore. For Indo-India trip Supra rate was hovering ...
Thursday, 03 January 13
DRY BULK DEMAND TO KEEP RISING IN 2013, DRY BULK SHIP PRICES TO KEEP FALLING SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In a recent report on the future of the shipping markets, DVB bank said that dry bulk demand is expected to keep on growing in the coming years, mai ...
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- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- The University of Queensland
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
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