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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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Wednesday, 12 June 13
INDONESIAN COAL PRICE REFERENCE SLIDES TO 2013 LOW
COALspot.com - Indonesian Coal Price Reference continues to take its lumps this month, dropping about 0.54 % and hitting a 2013 low. The Indonesian ...
Tuesday, 11 June 13
COAL: NO SIGN OF RECOVERY - GABRIELLA
COALspot.com: We attended the 19th Annual Coaltrans Asia Conference, where we found most of the speakers were not very optimistic on the outlook for ...
Tuesday, 11 June 13
NEWCASTLE PORT SHIPPED MORE COAL WEEK ENDED 11 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 3,104,509 tons of coal for the week ended 0700 hours 11 June 2013, Newcastle Port Corp. ...
Sunday, 09 June 13
CFR SOUTH CHINA COAL SWAP IS UNDER PRESSURE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 0.03 percent week on week but gained 0.07 pe ...
Sunday, 09 June 13
IRON ORE DEMAND: WEAK; COAL MOVEMENT: STEADY TO INDIA AND CHINA - CAPT. REDDY
COALspot.com - The freight market was fairly steady with BDI up by 0.37 per cent closed at 812 points this week.
The Cape index was also ended in ...
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- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
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