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Friday, 28 February 14
DRY BULK MARKET SLOWLY BUT STEADILY FINDS ITS FOOTING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, hit by the low seasonal demand which is a typical characteristic of the first quarter of each year, is beginning to emerge from the shadows as of late. During the past few days, the market's benchmark, the Baltic Dry Index (BDI) has been on a slow, yet steady rise, ending yesterday's session, once again on the upside, reaching 1,250 points. Capesizes were the dominant force yesterday, with the respective Baltic Capesize Index gaining 137 points on the day to reach 2,049 points. Panamaxes were still suffering, while the other two smaller segments, i.e. the Supramax and Handysize ones, were steady on the day.
In an announcement issued yesterday on the occasion of its 2013 results, dry bulk ship owner Pacific Basin, noted that the cyclical upturn of the dry bulk market has started. According to Mr. Mats Berglund, CEO of Pacific Basin, “dry bulk shipping in the first half of 2013 experienced its weakest market conditions since 1986, while an improved second half demonstrated encouraging early signs of a cyclical upturn with increased rate volatility".
In a separate weekly report, shipbroker Fearnleys, commented on the Capesize market that "Cape paper continues to be aggressively bought and it appears the physical has been ´kickstarted´. Some gains on the West Australia/China and Tub/China route have been witnessed in the last few days (fixing slightly north of 9 PMT and 21 PMT respectively at the time of writing). The steep contango to spot continues to widen. Q3 FFA contracts have soared up to USD 26, 250 while the rear end of the curve has also pushed up with Cal 15 trading at nearly USD 24k. The market is pricing in increased iron ore supply from West Australia set for Q2, and if this displaces domestic Chinese production, it will create a very favourable environment for Capes. We are already witnessing the iron ore price declining to its current level USD 116 PMT (62% CFR Tianjin). Period rates are reflecting the paper, and USD 25, 500 is being bid on good units for period of 2 years now", the shipbroker said.
It added that "the Panamax market has continued to decline in the Atlantic. Some owners are willing to take the lower levels whereas others are holding back and waiting for a better tomorrow. T/A rounds are now being fixed at levels around 6-7k depending on the trade on T/C, whereas voyage rates are easily 50% less. Ships able to breach INL are in for a small premium. In the Eastern hemisphere the week started off positive, via a wait and see mode to gradually become weaker. Pacific rounds are being fixed in region of USD 11-12k for NOPAC, less for Indo/India. With a huge number of ships in ballast for ECSA grain business, the recent upward trend has changed to a negative. 15+500 APS is the going number / 39 pmt. The gap between spot and period market is still significant. A Kamsarmax was reported fixed for one year at USD 15,500 bss Spore delivery, another 14200+425 GBB bss Cape Town whereas good Panamaxes should be able to get high 13´s for same. Expectations for ECSA grains are still alive", Fearnleys said.
Finally, on the Handy markets, the shipbroker said that "the Atlantic handy/supra market experienced a downward trend this week but not a dramatic one. TA rates are down around USD 800 w-o-w lead by less activity and fewer fresh cargoes to be fixed. In the Pacific however we see rates coming up a bit. Coal cargoes for early March dates have been covered and prompt ships open in Singapore area are able to achieve a good 14k for Indo coal rounds. NoPac rounds are being fixed at around USD 10k for ships with good specs and the activity for short periods are again back in the market. Owners are asking 13k for short periods bss Feast delivery while some chrts are holding a bit back before willing to come close to those levels".
Meanwhile, on the demolition front, where things have slowed down considerably as a result of improved market sentiment, shipbroker Intermodal noted that the market "is still reigned by Indian breakers, who currently appear to have ousted the rest of the competition from the race of securing demo candidates. As a matter of fact, with the exception of a couple of vessels, the rest of the deals reported this past week appear to have ended up in Indian hands. Breakers in the country have been enjoying the stability of the local currency, which posted its biggest winning streak against the US Dollar in the past couple of months after strengthening for three days in a row to this morning. At the time domestic steel mills have been preparing for another price hike, fact which offers further assertion to breakers operating in the country that their bids have been moving towards the right direction. While Bangladesh has managed to keep its prices stable, China and Pakistan appear to have no intention to compete at these high levels, with the former allowing for the gap between themselves and India to climb to over 120 $/ldt. Average prices this week for wet tonnage were at around 340-470$/ldt and dry units received about 330-460$/ldt.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 12 March 14
DRY BULK VESSELS STILL THE CREAM OF THE CROP FOR SHIP OWNERS
Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and new ...
Tuesday, 11 March 14
HOLD HARMLESS CLAUSES ARE NOT ALWAYS MUTUAL! - ITIC
KNOWLEDGE TO ELEVATE
ITIC provides an insurance related contract review service to all of its members. As the leading professional indemnity i ...
Tuesday, 11 March 14
NEWCASTLE SHIPPED 6.98% LESS COAL WEEK ON WEEK
COALspot.com: In the week ended 10 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Tuesday, 11 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAPS CONTINUES TO FALL
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slip again thi ...
Monday, 10 March 14
API 8 CFR SOUTH CHINA COAL SWAPS LOST 4.28 PERCENT MONTH ON MONTH FOR Q2 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 4.28 percent month on month and closed at US$ 73.97 per mt as on Fr ...
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- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
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