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Tuesday, 11 June 13
OUTLOOK FOR CAPESIZES LOOKS GRIM, DESPITE FALLING IRON ORE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Things aren't looking all that rosy for the dry bulk market, despite a stronger volume of iron ore imports during the months of March and April, as freight rates haven't had that necessary push to jumpstart. According to the latest monthly report from shipbroker Intermodal, "this has been reflected in the continuous drop in price for the commodity which was on an almost free-fall course from its latest price peak of $158.9 per dry ton reached on the 20th of February. The significantly slower economic momentum of China has slashed demand for this development-linked commodity, dragging both the price as well as the freight cost to multi-month lows. This is set to continue for most of the year, with destocking still a central strategy in China", the report said.
According to Mr. George Lazaridis, Research Analyst with Intermodal, "the industry view tends to be that for the long-run, even these bottom-of-the-cycle prices are much higher than what most analysts believe should be the prevailing level. This leads to an expectation of surplus production which eventually could lead to problems in ship-ping, as sources such as South Africa increase their stake in China’s iron ore imports, slashing in turn tonne-mile demand for Capes.
The question that is of more vital importance and an ongoing topic of conversation this year amongst shipping circles is; When can we expect an improvement in market fundamentals?
The answer is looking somewhat more worrying for Capes. It will take a lot more than just cheap commodity prices to get things going again. The Chinese slowdown does not seem to be a temporary hiccup and as such people should be taking it more serious", he noted.
With China accounting last year for 47% of global steel production, there is no debate as to who drives the demand for Capes. "Being heavily dependent on Chinese heavy industry production and investment in infrastructure any further slowdown in economic growth has an imminent impact on freight rates for this sector. Without this driving demand it is hard for this segment to see the sharp rise in freight rates and secondhand prices that many had hoped we would reach within this year. Nevertheless it’s not all black. Baosteel sees a 1-2 pct increase in Chinese steel production this year. The year-to-date increase in output of 7% shows a promise for improved markets in the final quarter, while at the same time it would take a substantial slow-down in output in the second-half for there to be a year-on-year drop in Chinese steel output", Lazaridis said.
With all the above in mind a few questions arise, like for instance, where is the basis for all this business being reported in the Capesize market? Is there a sense that previous bullish sentiment for this size group is leading new investment without there being a real demand for further fleet growth? Could this lead to further dragging out of sub-performing markets?
According to Lazaridis' viewpoint, "over the past couple of months we have seen the majority of trading sessions being reported at average freight figures bellow what is expected for most owners to cover OPEX. Even on some of the more positive trading days, TCE increases are temporary and usually attributed to momentary decreases in bunker costs as well as slow steaming throughout the fleet which helps increase what little extra earnings owners can squeeze out of the current market rates. The counter argument to this can be found in part in the wisdom of old. Through most shipping cycles owners have usually taken a long-term position hoping to make high gains through the cycle rather than only looking to act during periods where the market is on the rise. If they waited for the later we would not have any ship owners left. This may explain activity in the secondhand market however things are very different when it comes to newbuildings. Capesize newbuilding designs have not had the same overhaul in performance that we have seen in other size segments. So why are owner’s risking of drowning the market with further ordering when there are plenty of well-priced secondhand units available. It seems to be yet again the case of easier financing, respectively lower prices, easi-er payment terms and forward delivery that have the upside of even gaining in value before you have made full payment. As promising as all these sound to a potential buyer, a word of caution to the brave, “as you sow, so shall you reap”, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
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- Central Java Power - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- VISA Power Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
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