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Friday, 19 April 13
FIRST QUARTER OF 2013 PROVEN A POSITIVE SURPRISE FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Despite ominous predictions regarding the negative performance of the dry bulk market during the – traditionally weak anyway – first quarter of the year, it seems that the market dodged a bullet and escaped unscathed from the tonnage oversupply concerns. According to the latest weekly report from shipbroker Intermodal, the first quarter proved to be a positive one for most of the mid-to-small sizes, like Panamaxes, Supras and Handies. Time-charter equivalent earnings have brought some relief as earnings improved and moved to a positive territory beyond the point of covering their operating expenses.
According to Intermodal's S&P shipbroker Yannis Olziersky, "the strong demand for tonnage is driven mainly by the South American grain season, which pushed Panamax rates to an unexpectedly significant improvement. In the Pacific, Panamaxes also found support due to the increased demand for Indonesian exports such as iron ore, bauxite, nickel ore and coal. As a result the BPI during March averaged at around 1,147 points, with rates for a front haul voyage rising up to US$ 18,000/day and round voyages in the Far East edging up to US$ 10,000/day.
Smaller segments like Supras and Handies gained higher returns due to the grain season and their indices where raised by 30% and 20% respectively. On the other hand, weak demand persisted in the Cape size market, which failed to sustain gains. Disruptions in mineral cargo supply like iron ore and coal combined with the massive supply of vessels have driven the Cape size average T/C earnings to sink below US$ 5,000/day, which is the lowest level since Q3 2012", Olziersky said.
He added that "the upward trend in freight rates during Q1 2013 has also affected asset values. Second hand prices have been inched up in all segments (including Capers despite their downward trend in freight). Additionally, activity on the second hand market has also picked up significantly. A comparison between the dry bulk units sold back in Q1 2012 and those reported sold in Q1 2013, points towards an increase in activity by as much as 40pct.
The million dollar question is whether we have seen the bottom on asset values or not. Quite hard and risky to say, however certain things show that present values are attractive enough and, in the mind of some owners, prices have indeed touched the ground. Some facts which may support this perspective are:
Prices in all segments and especially for quality modern tonnage have shown a noticeable upward correction since February/January.
- Major players whom are traditional shipowners are buying vessels and appear to have appetite for more.
- A significant number of Buyers are inspecting quality tonnage that enters the market. In some occasions we hear more than 20 parties inspecting and chasing the same vessel!
- Orderbook to fleet ratio has been reduced significantly and today stands at 16% compared to last year which was at around 26%.
- Fleet removals are still going at a satisfactory pace. Upheld firm demo prices are assisting owners in making the difficult decision to scrap their older units", the shipbroker stated in the report.
He went on to conclude his argument by raising the questions of "Are we moving towards the right direction? and "Is this the right time for investments?. Two questions which time can only answer but by which time it may well be too late to get on board. Given the present facts and market trends though, we feel we may be witnessing a glimpse of hope and a glimmer at the end of the tunnel", he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping news
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Thursday, 21 March 13
HANDY : RBCT ROUNDS FIXED AT $ 9000 + 300K BB - FEARNRESEARCH
Handy
The Atlantic market remains firm with cargoes seen to support healthy rates as per last week. The USG-Feast was at USD 25k and Black Sea-Feas ...
Wednesday, 20 March 13
NTPC TO IMPORT SEVEN MILLION TONS COAL FOR FOUR MONTHS
COALspot.com : NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company has awarded&n ...
Tuesday, 19 March 13
CHINA GAS PRICE REFORMS AND APAC GAS PRICING - FITCH STREET VIEW
Fitch Ratings says pricing reform in the Chinese gas sector is unlikely to materially impact gas distributors' margins, and low gas prices in the U ...
Tuesday, 19 March 13
NEWCASTLE COAL EXPORTS FALL BY 4.27 PERCENT ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,365,561 MT of thermal and coking coal for week ended 0700 hours 18 March 2013, Newcast ...
Tuesday, 19 March 13
SHIP PRICES COULD BE CLOSING IN TO REACH THEIR BOTTOM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
One of the latest developments in shipping asset prices has been the reluctance from shipyards to further reduce their price expectations to higher ...
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- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
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