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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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- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
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