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Thursday, 24 October 13
SHIP PRICES ARE INCREASING ON THE BACK OF IMPROVED MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leading the decline. Still, according to shipbrokers, market sentiment remains positive, despite the fact that the average Capesize earnings have declined from their recent peaks of $42,000/day, down to $28,000/day. According to the latest weekly report from shipbroker Intermodal, "in addition to the strong Capesize market, which found support from the recent Chinese restocking and strong demand for iron ore, chartering activity for the other segments has also improved and is surging on the back of increased shipments of grains from the US Gulf and the Black Sea.
According to Mr. Yannis Olziersky, SnP Broker, "the dry bulk market, it seems, is witnessing a U-turn in fate; bullishness, although restrained, has return to many market players since to them it appears as if the worst phase is now behind us and the market is expected to advance at a faster pace compared to that of last year. This restrained optimism has had its impact on second hand sales as well as on the new building market, as a significant number of vessels are changing hands at prices well above last done deals and sometimes well above Sellers’ ideas, due to the fact that competition between Buyers, in an effort to secure tonnage, is driving values well above recent levels" he noted.
The same story is taking place in the new building market, where slots at good shipyards are now scarce and offered prices have surged and are about 10-15pct higher compared to orders that were placed during 1H of 2013.
"What will happen next? Are we on a firm recovery track or were the latest positive developments in freight rates based only on a typical seasonal spike? Having foresight in a volatile industry like shipping, which is highly dependent on so many different parameters, is difficult and dangerous to do. On the other hand there are some irrefutable facts which cannot be overlooked. Seaborne commodities have increased about 6pct compared to last year; fleet growth increased about 5.8pct (year to date), which is the lowest we have seen during the last couple of years. Taking also into consideration that the world economy is on a recovery phase and that the global GDP is projected to increase at a higher rate compared to previous years it is expected that dry bulk commodities will keep trading at higher volumes compared to 2013", Olziersky mentions.
He added that "at the same time it is expected that today’s rates will face a correction once Chinese iron ore inventories are replenished and the strong grain season comes to an end. There is no doubt that the market does not have the ability to grow at the same pace we experienced the past couple of months since the overcapacity issue is still there and uncertainty over the global economy remains despite better forecasts.
However, what is more important to note is that dry bulk fundamentals are expected to improve and as a result the average earnings for the years ahead look to be better compared to previous ones. Hence, taking a long term perspective and in the event that the global economy will remain firm on its recovery path, the demolition market keeps active and the new building ordering will hold near its current pace (i.e. at a more moderate pace compared with booming years), we see substantial signs to be optimistic and expect to have an overall upside in freight rates over the coming years", Olziersky concluded.
Commenting on the new building market this week, Intermodal said that "activity on the new building front is keeping its pace, with the majority of the deals coming to light this past week being for dry tonnage. Although we are trying to be as realistic as possible regarding this recent boost in new building prices for dry bulkers, the truth is that most of the contracts that are being inked lately, are steadily done on firmer and firmer prices, creating a higher market average for almost all sizes in the sector. Some of the most recently reported orders for Capes are displaying a clear trend that we should be soon moving into the mid $ 50s million territory for the segment, having us think that from that level the figure could easily jump to the $ 60.0m area, especially for earlier slots should demand continue to be strong and the freight market improve further in the next twelve months. In terms of new orders, Greek owner Alpha Tankers & Freighters, was reported placing an order of four firm Capesize vessels (180,000dwt) at Hyundai Mipo, in S. Korea, for a price of $ 56.5m each and with delivery set between 2015 and 2016".
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
Thursday, 24 October 13
PANAMAX: RATES SLIP ACROSS BOTH HEMISPHERES
Handy
We were back from holidays but still not much enquiries in the market. Overall future direction is uncertain. Currently, ships passing Singap ...
Wednesday, 23 October 13
DRY BULK MARKET HAS SHOWN SIGNS OF STABILITY - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable-)
The Dry Bulk market has shown signs of stability this past week, with the sole exception of Capes, rates f ...
Wednesday, 23 October 13
MARKET SENTIMENT IN THE DRY BULK SECTOR REMAINS POSITIVE - YANNIS OLZIERSKY
Market sentiment in the dry bulk sector remains positive despite the latest correction in freight rates for the Capesize sector, which are sliding f ...
Tuesday, 22 October 13
NEWCASTLE PORT SERVED 38 OCEAN GOING VESSELS IN A WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 0.64 per cent week on week to 3.21 million mt for ...
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- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
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