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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
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