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Tuesday, 20 August 13
CAPESIZE RATES MORE SENSITIVE TO DEMAND - COMMODORE RESEARCH & CONSULTANCY
COALspot.com : Approximately 71.50 million tons of iron ore is now stockpiled at Chinese ports, 900,000 tons (-1%) less than a week ago, Commodore Research & Consultancy said in its latest report.
Chinese iron ore port stockpiles have now fallen to their lowest level since May and are 26.6 million tons (-27%) lower than where they stood a year ago. The historically low level of iron ore stockpiled at Chinese ports is very encouraging, and has been a contributing factor behind the strength in demand for imported iron ore cargoes and recent surge in cape size freight rates, said Commodore Research & Consultancy.
Commodore Research & Consultancy further said in its research report, 23 cape size vessels were chartered to haul iron ore in the spot market last week (all of the vessels were chartered to deliver iron ore to Chinese buyers). The last seven weeks have seen an average of 22.5 cape size vessels chartered to haul iron ore, with each week seeing at least 20 cape size vessels chartered to haul iron ore. Prior to the last seven weeks, this year had seen an average of only 15.5 cape size vessels chartered to haul iron ore.
The consistently large amount of cape size vessels being chartered to haul iron ore cargoes (predominantly to Chinese buyers), combined with cape size fleet growth remaining relatively low, has caused spot cape size availability to become much tighter as we have predicted. This tightness helped cape size rates find significant support on Wednesday and Thursday. Going forward, we continue to believe that there will be brief periods where spot availability of cape size vessels will be very tight and will lead to short-term spikes in Cape rates that will exceed $1,000 per day. Much lower cape size fleet growth this year has now allowed the market to re-enter a phase where cape size rates are much more sensitive to changes in cargo volume and spot demand for available cape size vessels, Commodore Research & Consultancy said.
Commodore Research & Consultancy forecasts, rates, of course, will continue to decrease at times, but overall prospects for cape size rates are encouraging.
About Commodore Research & Consultancy
Commodore Research & Consultancy is an independent New York City-based consultancy that focuses on the global demand, supply, and seaborne trade of industrial and agricultural commodities, with a particular focus on China. Commodore Research & Consultancy's analysts handle a wide variety of consulting requests and custom reports. Commodore Research & Consultancy also offers two standard report subscriptions (Dry Bulk Report Subscription and China Report Subscription).
Views expressed herein are personal views of the author and not that of COALspot.com. We welcome article submissions from experts in the areas of coal, mining, shipping, etc. To submit your articles please click here
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Coal and Oil Company - UAE
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- Eastern Energy - Thailand
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- Planning Commission, India
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- Merrill Lynch Commodities Europe
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- Price Waterhouse Coopers - Russia
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- Economic Council, Georgia
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- Indian Oil Corporation Limited
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- Directorate General of MIneral and Coal - Indonesia
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- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
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- The University of Queensland
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
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- Petron Corporation, Philippines
- ICICI Bank Limited - India
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- Renaissance Capital - South Africa
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
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- Savvy Resources Ltd - HongKong
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- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
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