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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, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
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- Xindia Steels Limited - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
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