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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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Monday, 12 November 12
DRILLING COMPLETED AT THE MOORLANDS DEPOSIT, WEST BOWEN PROJECT
Press Release - Cuesta Coal Limited (ASX: CQC) (“Cuesta”) is pleased to announce it has completed its exploration activities at the Moor ...
Monday, 12 November 12
BARGE-LOAD OF 5K TONNES OF COAL FROM THE ADK JOINT VENTURE SHIPPED LAST WEEK
COALspot.com - Orpheus Energy (ASX:OEG) has announced that, it has successfully shipped a 5,000 tonne of ADK thermal coal to an Indonesian trading g ...
Sunday, 11 November 12
AN OPTIMISTIC WEEK FOR INDONESIAN SUB-BIT COAL
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for January 2013 delivery gains 2.08 percent WoW and 1.28 percent DoD on Friday, 9 November ...
Sunday, 11 November 12
THE IRON ORE AND COAL PRICES MOVEMENTS REMAINS LOW - VISTAAR
COALspot.com The market remained soft with all the sectors soft.
The BDI and was down by 4.67 pct closing at 940 points, on Friday 9 Novemb ...
Friday, 09 November 12
SHIP OWNERS TURN TO SECOND HAND VESSELS, WHICH COME AT ATTRACTIVE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The attractiveness of modern second hand vessels, which are often priced aggressively can't be ignored by cash-rich ship owners, who are taking adv ...
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- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Planning Commission, India
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