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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 $13,000/day for seven straight weeks. This was a tremendous achievement considering that Cape rates stayed at depressed levels throughout the first three quarters of last year. For this year, we believe the Capesize market is showing signs of recovery that first were glimpsed during October of last year. While there will surely be fluctuation at times, it is likely that Capesize rates will find a good deal of strength during the second half of the year -- as long as Chinese demand for imported iron ore is strong. While it has been troubling that Chinese steel output has exceeded demand during several months this year, it is encouraging that Chinese iron ore imports have remained firm as spot iron ore import prices have stayed low. Overall, we believe iron ore import prices will stay low due to ongoing increases in global iron ore production. Low iron ore prices, robust iron ore imports, and low Capesize fleet would help Capesize rates find even greater support".
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 24 December 12
CONSTITUTIONAL COURT DECISION MAY FURTHER DELAY THE ISSUANCE OF NEW MINING BUSINESS LICENCES - TJEN SHE SIUNG
COALspot.com - In November 2012 the Constitutional Court of Indonesia issued a decision on amendments to certain provisions under the Mining Law No. ...
Monday, 24 December 12
BUNKER PRICES TO CONTINUE RISING, ALBEIT IN A SLOWER MODE, DURING THE NEXT FEW YEARS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEW
In a recent report, US-based consulting firm Mcquilling Services attempted to forecast the course of bunker prices during the next few years, as thi ...
Sunday, 23 December 12
Q4' 2013 CFR SOUTH CHINA COAL SWAP, US$ 3.40 HIGHER COMPARED TO Q1' 2013 PRICE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery gained 1.94 percent M-M and WoW by 1.57percent but lost 0.35 ...
Saturday, 22 December 12
SECOND HAND VESSELS ENJOY HIGH DEMAND AS PRICES ARE ATTRACTIVE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the year is closing to its end, activity in the second hand vessel market has been more than high. Ship owners are looking to ...
Saturday, 22 December 12
FALL IN CAPE AND PANAMAX RATES DRAG BDI INDEX - VISTAAR
COALspot.com - The freight market further softened this week closing at 700 points (down by 10.71 pct). The cape index continued to fall and w ...
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- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Minerals Council of Australia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
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