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Thursday, 12 September 13
CAPESIZE MARKET WILL BECOME EVEN TIGHTER - JEFFREY LANDSBERG
 COALspot.com : While it is no secret that current capesize availability has become tight and has caused capesize rates to surge, availability is set to become even tighter in the near future once Drummond coal cargoes return to the market (when the strike is resolved) and also due to the very large amount of Brazilian iron ore cargoes that have continued to surface. So far this week, 10 capesize vessels have been chartered to haul Brazilian iron ore cargoes. This is a very large amount, and already exceeds the robust 9 capesize vessels that were chartered to haul Brazilian iron ore cargoes during all of last week.
The last time that 10 or more capesize vessels were chartered to haul iron ore cargoes in a single week was the Week Ending November 16, 2012. Chinese demand for imported iron ore is currently very strong, which is helping capesize rates to surge. However, the capesize market will again benefit from the current level of activity as spot capesize availability will find itself even tighter in the near future. It is extremely encouraging for the capesize market that so many capesize vessels have recently been chartered for long-haul Brazil to China iron ore exports. In addition, Atlantic basin spot capesize availability will become even more tight whenever the Drummond coal strike officially comes to an end.
For the capesize market, near term prospects remain encouraging. There will be fluctuations whenever there are brief dips in Chinese demand, but overall we believe in the weeks and months to come there will be days when average daily capesize rates easily increase by over $3,000 in a single day. That’s the beauty of dry bulk shipping. Demand for vessels is quite inelastic and not very responsive to changes in prices. When a charterer needs a vessel, he (she) needs a vessel. And when spot vessel availability is tight, an environment is created where freight rates are prone to large increases. With some many capesize vessels recently being chartered to haul long-haul Brazilian iron ore cargoes -- and with an increase in Drummond coal cargoes being poised to re-emerge in the market at some point like in the near future -- the already tight capesize market will become even tighter.
By: Jeffrey Landsberg | Managing Director, Commodore Research & Consultancy
About Commodore Research & Consultancy
Commodore Research & Consultancy is an independent New York City-based consultancy that focuses on the global demand, supply, and seaborne trade of industrial and agricultural commodities, with a particular focus on China. Commodore Research & Consultancy's analysts handle a wide variety of consulting requests and custom reports. Commodore Research & Consultancy also offers two standard report subscriptions (Dry Bulk Report Subscription and China Report Subscription).
Views expressed herein are personal views of the author and not that of COALspot.com. We welcome article submissions from experts in the areas of coal, mining, shipping, etc. To submit your articles please click here
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Sunday, 13 October 13
API 8 CFR SOUTH CHINA COAL - AVERAGE Q4 2013 DELIVERY FELL 0.30 PERCEPT ON WEEK
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.30 percept week on week on Friday 11 October 2013. The CFR South ...
Saturday, 12 October 13
PANAMAX: OWNERS ARE AT US$ 17-18.5K PER DAY; CHARTERERS ARE AT US$ 15.5-16K - CAPT. REDDY
COALspot.com - The futures market was heavily down on the cape size vessels and the physical average charterer rates on cape size vessels dropped by ...
Friday, 11 October 13
DRY BULK FREIGHT RATE POSITIVE MOMENTUM TO BE SUPPORTED BY HIGHER DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO released its latest short term research on the shipping markets, estimating that the elevated level of Capesize TC average rates i ...
Friday, 11 October 13
US COAL PRODUCTION FALLS 7.70% IN SEPTEMBER
COALspot.com – United States the world’s second largest coal producer produced approximately 17.70 million short tons (mmst) of coal in ...
Thursday, 10 October 13
NPC AUSTRALIA SHIPPED 2.99 MILLION TONS OF COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.04 per cent week on week to 2.99 million mt for ...
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