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Thursday, 13 June 13
BIMCO EXPECTS SUBDUED CAPESIZE EARNINGS FOR THE COMING WEEKS - HELLENIC SHIPPING NEWS
 Bulk is not only about China even though it is a key driver. In this section, we have taken a closer look at the European seaborne coal markets, which is going through some interesting times right now. European coal demand has been in a slump ever since early 2009, where seaborne demand fell by 14 million tons from the first to the second quarter. Import volumes during the last three quarters of 2011 indicated that seaborne coal demand was recovering, but the development stalled somewhat in 2012. Looking on a country basis, the nation with the biggest decline was Italy, with annual seaborne imports being roughly 8 million tons lower today than before the financial crisis. France has also decreased its imports by around 4-5 million tons annually. The United Kingdom and Spain have weakened as well, but these countries seem to be on a rebound, with volumes being slightly below pre-financial crisis levels. The Netherlands and Germany have had relatively stable import numbers since 2005.
The bulk of seaborne coal going to Europe comes from North America, Colombia and Russia. The United States and Colombia have doubled their exports to Europe, while Russia has maintained its share of the European demand. Russian coal is shipped from both Russian and Latvian ports; Colombian coal is primarily shipped from the Caribbean, while US coal is primarily shipped from the Atlantic Coast and the Mexican Gulf. The drop in European seaborne demand for coal did not affect these countries, but rather South Africa. From being the single largest coal exporter to Europe with 52.0 million tons in 2005, the country has become a footnote, with 13.6 million tons in 2011. This represents bad business for the shipping industry, since the sailing distance from Richards Bay to Rotterdam is 98% longer than from Hampton Roads and 61% longer than from Puerto Bolivar.
Although European coal imports didn’t tell a particular positive story for shipping, US exports most certainly did. We expect to publish a story on this within the next couple of weeks.
On a more general note regarding the bulk market, China is expected to increase its imports of wheat, as sub-standard storage facilities have damaged a part of the huge Chinese stockpiles. Traders said that China is seeking to increase imports when global prices are in a slump. Current forward prices indicate that this may happen during the third quarter of 2013. According to Chinese customs statistics, the main exporters of wheat to China are Australia, Canada and United States, the latter two providing significant tonne miles.
Meanwhile, Argentina is exporting record high volumes of grains; CRSL reported that Argentina exported 4.86 million tons of grains in March – the highest number ever for a single month. This gave a spike in Panamax rates with the BPI staying just below the psychological barrier of USD 10,000 per day in March and April, but earnings are now slightly lower at around USD 7,000 per day. In our last report, we predicted that Panamax rates would stay in the USD 5,000-10,000 per day territory; going forward seasonal events like Argentinian exports are likely to provide for the upside ticks.
SUPPLY
New dry bulk deliveries walk the anticipated line and have now reached 29 million DWT. Meanwhile, 11 million DWT have been sold for recycling, which brings the year-to-date fleet growth up to 2.8%. The inflow is seen primarily in the Panamax segment, where 136 (in 2012: 162) new vessels are keeping Panamax fleet growth high. Simultaneously, the Capesize segment only saw 48 (in 2012: 115) new vessels coming on stream, eventually easing some of the pain from the current overcapacity.
Average age and size of the demolished tonnage is 28 years and 60,000 DWT. In line with the development seen in the last couple of years, the average age is still trending down – whereas the average size is essentially unchanged. BIMCO forecasts a slightly lower level of tonnage being demolished in 2013 as compared to last year; however, it is still going to be the second-largest year on record. The solid level of demolition prices will inspire owners to consider recycling, rather than trading their old tonnage in a very volatile market without certainty of sustainable freight rates and against more energy efficient tonnage.
As regards the orderbook, it’s also moving in the right direction in spite of the recent flurry of new orders for more fuel-efficient tonnage. During the past 10 weeks the number of newbuilding orders in the book has come down from 1,599 to 1,548. Finally, on the ordering side, strong interest in Capesizes remains evident, with 62 new orders in 2013. A total of 18 million DWT has been ordered in the year so far, with March and April seeing total new orders placed in excess of 4.5 million DWT each month.
OUTLOOK
The Summer lull is creeping up on dry bulk shipping demand following the successful South American grain season. Fortunately, solid demand is keeping spirits up in the dry bulk industry, while the severe extent of overcapacity is pushing the date for a full-blown recovery of earnings into a somewhat distant future. For now the market is getting more and more spot focused, as no owners want to commit tonnage for longer terms at offered levels. Don’t look at the paper market for any support, because you won’t find it. FFA indications (10/6) for Capesize tonnage go to the tune of USD per day: Q3-13, Q4-13, Cal 14 and Cal 15: 7,550, 12,000, 11,450 and 13,700 and for Supramax the indications go as follows in USD per day for the same dates: 7,900, 8,400, 8,600 and 8,900. USD per day in the spot market (10/6): Capesize for 5,571 and Supramax for 9,307.
Expect the unexpected from the dry bulk market seems to be the message passed on in recent years – and today is no different, as Handysize tonnage is earning USD 10,900 per day on an Atlantic round voyage whereas Capesizes are struggling to get a 1 year T/C fixed at USD 10,500 per day if at all. With respect to freight rates for Panamax and Supramax tonnage, they have lost ground since the beginning of March.
To sum up, our forecast for the coming 6 weeks: BIMCO holds the view that Capesize TC average rates are expected to remain subdued around USD 4,500-7,500 per day. Panamax is expected to stay in the USD 4,500-8,000 per day interval. For the Supramax segment, BIMCO forecasts freight rates in the USD 7,000-10,000 per day interval, whereas Handysize rates are forecast to stay at the interval of USD 6,000-8,500 per day.
Source: BIMCO / Hellenic Shipping News
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Saturday, 13 April 13
THE FREIGHT MARKETS EXPECTED TO HOLD FIRM NEXT WEEK - CAPT. REDDY
COALspot.com - This freight market firmed up this week and all sectors were up except for Supramax index.
The BDI was up by 1.62 pct closing at 8 ...
Friday, 12 April 13
DRY BULK SHIP OWNERS DEVELOPED NEWFOUND APPETITE FOR BULKERS DURING FIRST QUARTER OF 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's official; more and more ship owners operating in the dry bulk market appear to have developed a newfound optimism in the market's prospects. ...
Thursday, 11 April 13
HANDY: INDO - INDIA NOW BEEN REPORTED AT APS BASIS AT USD 10K+BB 85K - FEARNLEYS
Handy
The Atlantic markets remain with not many cargoes seen this week. The USG-Feast was at USD 18k and Black Sea-Feast was at USD 12k. The Pacifi ...
Thursday, 11 April 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 15.96 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,545,914 tons of thermal and coking coal for week ended 0700 hours 8 April 2013, Newcas ...
Thursday, 11 April 13
TNEB HAS OPENED 4.2 MILLION TONS IMPORTED COAL TENDER
COALspot.com - TANGEDCO, the state run utility TANGEDCO (formerly known as TNEB), Tamil Nadu state owned electricity company has opened bids to purc ...
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Showing 4316 to 4320 news of total 6871 |
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- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
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