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Tuesday, 10 July 12
DRY BULK MARKET RECORDS MODEST GAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market inched a bit higher on Monday, with the Baltic Dry Index (BDI) ending the session up by 5 points to 1,162. Most markets were higher, with the Panamax Index gaining the most at 1,145 points, while the Capesize one was also on a high. The only exception was the Handysize market, which retreated by four points yesterday. Still, the index is more than 30% lower than the start of the year, with capesize average spot charter earnings showing a fall of more than 80% by reaching levels of $3,988/day, from about $24,000/day at the beginning of the year. On mid June, capesize average spot earnings fell at their lowest point since December 2008, of less than $3,500/day, with panamax vessels showing softness at levels of less than $8,000/day from more than $13,000/day at the beginning of May.
In recent comments, Golden Destiny’s analysts noted that “during the first days of July, BDI continues its upward trend with capesize average spot earnings surpassing the barrier of $5,000/day and panamax earnings climbing to more than $8,000/day. Smaller vessel categories, supramax and handysize units are showing firmness at levels of more than $13,000/day and $10,000/day respectively. The positive performance of smaller vessel categories has been supported by increased movement of grains and a number of minor bulk cargoes, while the fragile Chinese iron ore and coal demand impaired the demand for capesize and panamax tonnage. Chinese demand for imported iron ore cargo posed weakness in June due to a tremendous decline in steel production and a large amount of iron ore stockpiled at Chinese ports, despite the rise of Chinese iron ore imports in the first five months of the year to around 300.1mt, up 9% year-on-year” they said.
Still, as Maria Bertzeletou noted in the latest weekly report from Golden Destiny, the prospects for the second half of the year aren’t yet promising in all for the dry bulk market. “Chinese steel production has not yet recovered, port stockpiles are elevated, above 96 million tons of iron ore and 8.7 million tons of coal, while Chinese iron ore demand is expected to show not significant strength in the coming weeks. Chinese demand for imported thermal coal is also poised to remain low on the short term, as power plant and coal stockpiles remain high and hydropower production continues to be on rise. However, peak summer electricity demand season is underway in China and a rebound in thermal coal fixture volume is likely for the second half of the year with stronger panamax earnings. Top grade iron ore price shows sings of weakness with the benchmark 62% iron ore content price falling to $135/tonne as Chinese steelmakers have reduced their purchases from declining steel production that has hit the iron ore supply chain” she said.
She also added that “despite the recent negative picture of capesize ton mille demand, there is still faith in the segment as Chinese government’s stimulus measures in the industrial sector may bring firmer iron ore demand, but it seems difficult the capesize average spot earning to surpass the levels of $10,000/day as they are struggling to perform in the current vessel’s supply figures, when in December of 2011, they were floating at levels near to $30,000/day. Under the current fundamentals, shipping players prefer to move towards the scrapping of overaged large sized vessels, capesizes and panamaxes, with secondhand investments being on the frontline as more preferable type of investment than the construction of new units.
Secondhand asset prices have plunged from the first half of 2011, especially in the large sized vessel segments, capesize and panamax, with the BDI triggering further falls during the second half of the year. According to the Baltic Exchange’s Sale and Purchase Assessments, the value of a 5yrs old capesize of 172,000dwt has dropped to about $33,4mil from $42,9 at the end of June 2011, while at end of June 2008 was more than $153mil. In the panamax market, the value of a 5yrs old vessel of 74,000dwt is now at near $23mil, from $30,8 at the end of June 2011, while at the end of June 2008 was more than $88mil. In the supramax segment, the value of 5yrs old vessel of 52,000dwt is now in the region of $22mil from $27,5mil at the end of June 2011, while at the end of June 2008 was at more than $75mil” she concluded.
Still, for the time being Capesizes are currently earning $7,904/day, an increase of $3,916/day from a week ago, while panamaxes are earning $9,002/day, an increase of $1,167/day. At similar week in 2011, capesizes were earning $13,995/day, while panamaxes were earning $13,471/day. Supramaxes are trading at $13,556/day, up by $411day from last week’s closing, 72% and 51% higher than capesize and panamax earnings respectively. At similar week in 2011, supramaxes were getting $13,443/day, hovering at 3.9% lower levels than capesizes versus 72% today’s higher levels. Handysizes are trading at $ 10,309/day; down $105/day from last week, when at similar week in 2011 were earning $10,422/day.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
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