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