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Wednesday, 12 December 12
CAPESIZE FREIGHT RATES TO RANGE BETWEEN $9,000 - 16,000/DAY IN THE COMING WEEKS SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 In its regular update on the dry bulk market, BIMCO forecasted yesterday, that Capesize time-charter rates are expected to stay elevated in the following six weeks at around $9,000 – 16,000. "Panamax is expected to be found in the USD 6,000-10,000 per day interval. For the Supramax segment, BIMCO forecasts freight rates to remain in the USD 7,000-9,500 per day interval, whereas Handysize rates are forecast to stay at the interval of USD 6,000-9,000 per day" the shipping organization said.
In its outlook on the dry bulk market, BIMCO's report noted that "the effect on asset prices stemming from the large inflow of new tonnage is felt across the board by all owners. Lately, the pressure on second-hand values has been so severe that the correlation with newbuilding prices is off. What once was a rather strong early indicator (correlation above 90%) of where newbuilding prices were heading, is now derailed, as Clarkson’s Bulkcarrier Secondhand Prices Index is exposing a price change of -29% as compared to the end of November last year. During the same period, the Bulkcarrier Newbuilding Price index is down by no more than 8%. Clearly, the erosion of vessel values is causing problems for ship owners and for the providers of finance. Balance sheet assets and liabilities are stretched at length, which puts even more strength in a positive and fairly predictable strong cash-flow to back the business. Q4 has brought about some optimism, with the BDI now at 1,022 driven primarily by strong Capesize demand. Leaving a disastrous 2012 behind, a stronger 2013 is most likely in the making, but don’t expect a lightning strike" the report said.
Meanwhile, in the supply side of things, BIMCO's Chief Shipping Analyst, Peter Sand said that "following an immensely hectic delivery pace during the first two quarters of the year at 30 and 33.5 million DWT respectively, things were back at “normal” in the 3rd quarter at 20.34 million DWT. Now, as we know the year-to-date numbers at the end of November coming in at 92.3 million DWT, the slowdown is considerable and happening across the board and not exclusively in China. Out of 1,118 dry bulk carriers launched so far in 2012, 579 have been delivered from Chinese shipyards (51%). Despite the recent slowdown, deliveries are forecast to go higher towards the end of the year, bringing the deliveries tally beyond the 100 million DWT mark for the second year in a row. Going forward, 2013 deliveries are “front end loaded”, with 52% in the first six months and 32% in the final six months, leaving 16% without a fixed delivery month.
The demolition of commercially obsolete tonnage has reached 517 vessels of 31 million DWT. This has positively reduced the active fleet, which nonetheless has grown by 9.8% since the turn of the year. In respect of demolition, 2012 has been just as good as the freight market has been bad. Despite disruptions at major demolition sites, the total demolition yard capacity has proved sufficiently large. India, followed by Bangladesh, took the lion’s share in that market" Sand noted.
opportunities as higher gas production, followed by lower gas prices, turned the tables in the domestic US market. The production of gas, including shale gas, has stayed high and prices low in 2012, opening up for strong US coal exports in 2012. Ninety-eight million tons of coal was exported during the first nine months of 2012, making annual exports head for an all-time high, surpassing the highs of 1981.
Will this venture stay strong? It’s unlikely, if you ask the US Energy Information Agency, who predict US coal exports will decline in 2013 but remain above 100 million tons for the third straight year.
The case is this: as long as US coal exports go to Europe as a substitute for Australian exports, the lower ton/-mile represents a bad bargain for shipping. But if US exports are heading for the Asian markets, it may become a positive story for the dry bulk market" BIMCO noted.
the US and relatively high in Europe, leaving demand for thermal coal low in US domestic markets but higher in Europe, as coal is the preferred fossil fuel for electricity generation in Europe. Finally, a supply disruption in a major export country may increase US exports. The steel sector, and thus also the Capesize sector, has enjoyed some tail-wind in recent months from China’s proactive approach to seeking higher growth. The September stimulus package immediately affected iron ore prices and Chinese imports positively. As Indian exports to China experienced new lows in Aug./Sept./Oct., the imports had to come from Brazil (longer distance as compared to Indian exports) or Australia (shorter distance). Strong Brazilian exports meant that the dry bulk market saw a solid upside from this surge in demand.
US wheat exports in 2012 have been weak all year. Export volumes during the “peak season” months of August and September were particularly disappointing. The shortfall of an accumulated 23% of the total wheat exports as compared to same period last year highlights the fact that many owners experienced a fierce fight for too few cargoes.
Russia’s Agriculture Ministry now expects the drought to cause a drop in harvesting this year as high as 25% compared to the 2011 harvest. Russia, a huge exporter of mainly wheat, said total grain exports were down by 17% compared to last season. The shortfall in seaborne grain exports from both the US and Russia has further and negatively impacted the shipping markets" BIMCO's report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 15 January 13
GRANT SMITH APPOINTED GROUP MANAGING DIRECTOR OF BRAEMAR ADJUSTING
The Board of Braemar Adjusting is delighted to announce the appointment of Grant Smith as Group Managing Director of the company with immediate effe ...
Tuesday, 15 January 13
2ND MYANMAR MINING SUMMIT & OFFICIAL HOST MINISTRY OF MINES TO WELCOME OVER 200 DELEGATES NEXT WEEK
Press Release: The Ministry of Mines is hosting the 2nd Myanmar Mining Summit in Yangon on 21-24 January to unravel the local mining climate, prospe ...
Monday, 14 January 13
NEWCASTLE PORT SHIPPED 2.32 PERCENT LESS COAL W/E 14 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 3,123,312 MT of thermal and coking coal for week ended 0700 hours 14 January 2013, Newca ...
Monday, 14 January 13
THE COAL MONGOLIA - 2013 OFFICIALLY IN COOPERATION WITH TOP MINING COMPANIES
Press Release: Mongolian first mining portal site Mining.mn has already started its preparation of the International Conference “COAL MONGOLIA ...
Monday, 14 January 13
NTPC INVITES BIDS FOR 500K MT OF IMPORTED COAL
COALspot.com - NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company called for a ...
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- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
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