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Friday, 15 November 13
DRY BULK MARKET STILL LINGERING ON, DESPITE PREDICTIONS OF NEW IMMINENT RALLY PRIOR TO THE YEAR'S END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn't yet managed to stage a new comeback after its retreat from the recent multiyear highs. Yesterday, the industry's benchmark, the Baltic Dry Index (BDI) was down by 14 points to 1,517. Capesizes and Panamaxes led the losses, with the Baltic Capesize Index losing 58 points, while its Panamax counterpart was down by36 points on the day. Supramaxes on the other hand, have maintained their upward momentum, rising by another 14 points to reach 1,339 in total.
In its latest weekly report, shipbroker Fearnleys noted on the Capesize market, that "there are no signs of the rally which is still expected to happen before Christmas, however rates are rather keeping steady. Out of Brazil it appears Vale is picking ships quietly for Tubarao/Qingdao, where present level is mid 21s pmt. In the Pacific there has been a good number of west Australia fixtures however levels are still around USD 9.00 pmt. There is also a steady amount of East coast Australia cargoes, but not affecting rates in any positive direction. Demand for period ships is generally healthy, but with the mentioned expected rally owners are holding back".
On the Panamax market, Fearnleys commented that "this week started with a cold shower on the north Continent when suddenly ships fixed USD 12k for quick rounds down USD 3k from last Friday. We see quite a bit of fresh requirements, but a long list of open ships makes sure that the market is still sliding down. For longer duration business in the Atlantic ships can still get around USD 14k. The fronthaul market is sliding together with the rest of the market, but some players argue that the USG grain market will come back again before Christmas considering the record harvest season in the USA. Now ships fix around USD 18+800k for trip via USG to China. The Pacific has kept on falling during this week. Now ships in north China get around 10k for round trips, with several fixtures already fixed at four digit numbers as well. Not that many long period fixtures reported, but market should be around USD 11500 for 1 year".
Finally, on the Handy front, Fearnleys said that "the Atlantic market has picked up this week with prompt ships able USG for November dates coming off and chrts need to pay up in order to cover their stems. Fhauls bss Cont-Med delivery are also seeing increased rates and we expect the Atlantic to continue its firming tendency into next week.After last week´s rate increase in the Feast we are now seeing the activity coming off. Owners with ships open in South China rating USD 13k for trips via Indonesia to India and chrts now looking to plan ahead and take in ships from North China in order to get the discounted rate. The better paying nickel ore rounds are being fixed in the mid-teens and the period market is picking up pace. Some owners would like to cover their positions over New Years and now starting to look for takers".
In its third quarter results report, owner of dry bulk carriers Knightsbrige (which also owns several VLCC tankers), said that the bulk market surprised forecasters during the third quarter. Cape spot earnings peaked at $42,200 per day on September 25 and the average spot earnings for the quarter was $19,000 per day. Under normal circumstances dry bulk analysts have a fairly common view of the utilization of the dry bulk fleet, but the spread between the estimates has been wider than normal. Cape earnings during the third quarter should indicate a utilization of 82 to 84 percent based on historical data for that segment.
After iron ore inventory draw downs for several months during the first half of 2013, imports in the third quarter resulted in slightly higher stockpiles in major Chinese iron ore ports. A massive 217 million metric tones (mt) of iron ore was imported during the third quarter. This compares with 185 million mt in the same quarter last year, which represents an increase of 17 percent. Coal imports to China reached 70 million mt in the third quarter this year compared to 52.4 million mt in the same quarter last year.
"Vessel values have reacted positively to the improved spot and longer term time charter markets. A Cape resale has over the year moved from $44 million to $52 million (concluded last month) and a 5 year old Cape has been sold at $40 million compared to $34 million a few months ago. In October, Korean yards are said to have concluded newbuilding orders for their outline specifications for delivery 2015/16 at $55 million. Values for smaller vessels have improved as well, but gains are more modest.
One important part of dry bulk fleet utilization is speed and consumption optimization. Since March 2011, bunker prices have been on or above approximately $600/mt. It took some time, however, before owners started to slow steam on a broader scale. With a bunker price of $600/mt the optimal speed in a $30,000 per day market is considered to be 12.5 knots for a Cape size (basis average laden and ballast). During the third quarter, some owners started to increase speed when the market picked up, but quickly reduced speed when the market softened a few weeks later. The third quarter of 2013 was maybe the first and most active quarter when it came to pro active speed and consumption optimization. It is important to bear in mind that the total fleet has never sailed faster than 13.7 knots on average since 2007, so the impact should not be over exaggerated but it might contribute to a floor and ceiling in freight rates in the medium term" the company concluded in its report on the market.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 13 November 13
THE SOFTENING HAS AFFECTED THE BIGGER SIZE SEGMENTS; SMALLER ONES STILL APPEAR TO BE VERY STABLE - INTERMODAL
After a month and a half of back to back weekly declines, the dry bulk market has finally reversed its negative course. We believe that there should ...
Wednesday, 13 November 13
DRY BULK MARKET HAS REVERSED ITS NEGATIVE COURSE - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable+ )
The Dry Bulk market has reversed its negative course this past week with rates for Capes making up fo ...
Wednesday, 13 November 13
NEWCASTLE COAL EXPORTS PLUNGE 12.40% IN W/E 10 NOVEMBER FROM THE PRIOR WEEK
COALspot.com: In the week ended November 11, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.42 ...
Monday, 11 November 13
TAMIL NADU STATE OWNED POWER GENERATOR TO IMPORT 3.7 MMT OF 6000 GAD COAL
COALspot.com - TANGEDCO, Tamil Nadu Generation & Distribution Corporation Ltd, Tamil Nadu state owned power generator & distributor intends ...
Sunday, 10 November 13
PANAMAX COAL FREIGHT RATES REMAIN UNDER PRESSURE; SUPRAMAX BIGGEST GAINER - REDDY
COALspot.com: The freight market was up this week with all indices increased except for Panamax index.
The BDI was up by 56 points closing at 158 ...
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- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- The University of Queensland
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
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