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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
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Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
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Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- GMR Energy Limited - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
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