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Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straight session to 938 points, rising by 14 points. The rise was once again triggered by the smaller ship types, with the Panamax market rising by 16 points, or 1.5% to 1,081 points, with average daily earnings rising to $8,592. By contrast, the Capesize market was once again falling, with the relative index falling by 10 points to 1,138 points, as a result of tumbling iron ore demand. As a result average daily earnings dropping at just $3,377, a multi-year low.
In a relative note, analyst Commodore Research predicted a new fall of the market, which will most likely impact Panamaxes the most. Commodore mentioned that “it might be hard for some to believe, but at the start of the year capesize rates were averaging $23,991/day. Capesize rates quickly came under intense vessel supply-related pressure, however, and have remained below $10,000/day since January 12th. More recently, rates have come under additional pressure due to the ongoing lull in Chinese iron ore demand. While near-term prospects for capesize rates remain bleak - first and foremost due to the tremendous amount of capesize vessels that will remain available in the market - a strong case can be made that future prospects for panamax rates are considerably worse” said Commodore.
It concluded by mentioning that “for the second half of this year, the orderbook for panamax vessels stands at roughly 355 vessels, while the orderbook for capesize vessels stands at roughly 145 vessels. The 2013 panamax orderbook dwarfs the 2013 capesize orderbook as well. For 2013, the orderbook for panamax vessels stands at roughly 240 vessels, while the orderbook for capesize vessels stands at roughly 90 vessels. In 2013, the panamax market is poised to become the most oversupplied of all of the dry bulk vessel classes. The 595 panamax vessels expected to be delivered by the end of 2013 represent a growth of approximately 28% on the current panamax fleet. The 235 capesize vessels expected to be delivered represent a growth of approximately 16% on the current capesize fleet. While the story for 2012 will likely remain the depressed capesize market, panamax rates are likely to feel great pain in 2013” said Commodore.
In an earlier note, BIMCO had noted that “the dry bulk market is under immense pressure, as the retreating weight of China as the driver of the market is extensively felt. At a time when supply growth simply breaks new mind-blowing delivery records, the demand situation is pitching in a bit too. Currently, there are reports of Chinese customers in the steel industry that are refusing to honour their contract as prices drop, and stock piles are fuller than normal at a time when steel mills take their foot off the throttle following a red-hot production period in recent months. Current fundamental demand/consumption is not strong enough to support such a high production level. As the world awaits the next anticipated Chinese stimulus package to lift demand, the dry bulk market is scouting for another saviour to get it through the day. Crude steel production in China surpassed 60 million tons a month in both March and April. The monthly average in 2011 was 57 million per month” said BIMCO.
It added that “the first five months average earnings of a Capesize bulker ended at USD 7,013 per day. This is down by 13% as compared to the same period last year that earned USD 8,060 per day. The time charter average has only been above USD 10,000 per day in the first 11 days of the year. The brief strengthening of freight rates in the midst of May unfortunately proved to be short-lived. As suggested two months ago, the downward overshooting of rates was corrected upwards with stronger rates during April and the first half of May, but as the optimism in the macroeconomic picture also began to fade, so did the freight market.
China imports more coal when the price gap between Chinese thermal coal (less a heat discount) and imported thermal coal is providing an arbitrage opportunity (including freight costs). When e.g. Australian or Indonesian coal prices become relatively cheaper, Chinese buyers are interested in importing more coal from Australia, which is good news for ship owners. In 2011 the price gap widened substantially, leading to hitherto unseen levels of thermal coal imports to China. If the price of Australian and Indonesian coal drops below the price of Chinese coal, as has been the case the last few months, we might see Chinese imports get back strongly when coal demand peaks in July. This could make 2012 imports surpass those record volumes of 2011” BIMCO concluded.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
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- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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