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Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the course of the past week, albeit at a rather slow pace. The Baltic Dry Index (BDI) ended yesterday slightly higher at 1,164 points, up by four points on the days, mainly as a result of the rise of the Supramax market, as all other segments were once again on the nagative side.
According to the latest weekly report from shipbroker Intermodal, the BDI has lost more than 50% since the December high it reached, but sentiment among the majority of players, regarding the future prospects of the market remained positive. "The asset market remains quite active both in second hand and new building orders and values are sustaining their upward trend. It could be said that this is a pattern of brighter future prospects. Time will tell but in the meantime let’s have a look at some market fundamentals and facts", the shipbroker noted.
Intermodal's Yannis Olziersky, SnP broker, mentioned that "as expected freight rates dropped significantly during January and the first half of February. Apart from the Lunar Holidays, which affected the market to a large extent, the Cape market was also affected by bad weather and by the credit restriction imposed to steel traders by China's Central Bank that affected the purchase of iron ore. Panamax rates also dropped due to lack of cargoes in both basins and especially in the Pacific.
On the smaller sizes, rates in the Atlantic were healthier, in the Pacific however things were completely different as there was a lack of cargoes due to the fact that the Indonesian government banned the exports of minerals like Nickel Ore and imposed taxes on other cargoes such as copper and iron ore. This eventually affected the Atlantic since a lot of tonnage ballasted towards the region to find business and as a result, this created an oversupply in the basin and affected rates negatively", Olziersky said.
He added that "despite the significant drop in rates, a brief comparison can indicate that freight rates are noticeably higher than those witnessed during the same period last year. Additionally, period fixtures of one year plus, have significantly increased (both in rates and volume), compared to last year, with reported rates for one year t/c for a Capesize being more than USD 20k/day, those for Panamaxes at region USD 14k/day and those for Supras in excess of USD 13k/day, which could be an indication that we are on the right track for a recovery. Apart from the above, commodity-wise, this year is expected to have more supply of grains coming out from the US due to the increased production, more demand for iron ore by China and increased coal demand for electricity plants. All this together with latest Economic Outlook from the IMF which has revised its projection for World Economic growth upwards to slightly higher than 3.7% for 2014 and 3.9% for 2015, are all indicators which cannot be ignored by market players and especially by those who are sitting on the sidelines and waiting for the right time to invest", he said.
According to the broker, "the uncertainty though as to what happens next still remains and this is what makes the shipping business an exciting world with great uncertainties and challenges. Traditional and experienced shipowners are familiar with shipping cycles hence they have the insight on when they should be investing. And it is indeed the case that many traditional owners have already and are still investing and renewing their fleet. Could this be a sign? Probably yes but then again time is the best judge to everything", Olziersky concluded.
Meanwhile, in a separate report, shipbroker Fearnleys commented on the Capesize market by noting that "spot remains at very poor levels despite seeing a 16% improvement w-o-w to come in at a daily average of USD 9600, and the contango in this segment is still worrying. In dramatic contrast to a very uninspiring spot, a "Cadillac" 181k dwt/built 2014 with extremely economical speed/consumption features has fetched USD 27k basis 10-14 months, delivery China end February - this comparing to some USD 23k on "standard" tonnage. Atlantic suffers from thin demand and continued/growing oversupply of tonnage, a situation not expected to change much in the days to come. At present the only bright spot is the Aussie/China coal and ore trades, being the sole reason for spot levels improving marginally".
On the Panamax front, Fearnleys said that "we see two very different markets in the two hemispheres now. The Atlantic is still falling, here we see very little fresh cargoes coming out and the list of tonnage is growing. An Atlantic round now pays around USD 8500/day, and we see positional business being done at far lower levels. The ECSA market is still weak, with too many ballasters for first half of March putting pressure on the rates. ECSA/Feast is now down to around 15k+500k compared to around 16k+600k at the end of last week. The bright spot on the other hand is the Pacific. Here rates are pushing upwards and we seeAustralia rounds fixed around USD 12k and nopac rounds fixing above USD 14k/day. The period market remains healthy; 1-year period is still paying around USD 14k daily", the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
Friday, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
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- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Parliament of New Zealand
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
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