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Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it is apparent that the market is rising, claimed BIMCO in its latest market analysis for the April/May period. For this period, BIMCO believes that the level of Capesize TC average rates will hover around USD 12,000-22,000 per day. Panamax TC average rates will still feel the supply pressure in the region of USD 5,000-10,000 per day. For the Supramax segment, BIMCO forecasts freight rates in the USD 10,000-14,000 per day interval supported by more Atlantic cargoes, whereas Handysize rates seen in the solid region of USD 8,000-10,000 per day.
DEMAND
According to BIMCO's report, "while freight rates for Capesize ships have fended off the talk of a slowdown in China in an impressive fashion, rates finally took a minor hit on the final trading days of March. As the strong sentiment eased, it caused a derivatives sell-off in its wake. When comparing the performance of freight rates in the first quarter of 2014 to previous years, it becomes clear that the market is rising. In the first quarter, average freight rates are significantly up from the multi-year low Q1 rates in 2013. Capesize rates went up by as much at 167% at USD 16,198 per day, whereas the other three dry bulk sub-segments all improved by 50% on last year’s first quarter TCE average earnings".
BIMCO added that "despite the year-on-year improvements, the complete lack of volatility outside the Capesize segment means that spot operators’ trading possibilities have been scarce. Time charter rates are steadily moving up, while spot rates are moving sideways. In the anticipation of an improving freight market going forward, owners and operator have increased their spot market exposure to take advantage of this. Following the weakness around the Chinese New Year, Capesize spot rates bounced back surprisingly strongly from the USD 8,000 per day level in early February to deliver a March average at USD 22,000 per day. That performance also lifted the period market to highs not seen since 2010. Rates for 6-12 months’ time charters hit USD 30,000 per day during the second half of March".
In terms of demand, the report noted that "the South American grain season is at its height in April, May and June, with Brazil confirming its position as the world’s leading exporter of soybeans, with 45 million tons of exports. On the imports side, China is on the move in a big way, expecting to import 68.5 million, up by 15% on last season. China accounts for 80% of the incremental volume growth expected for the coming season, providing a lot of tons-mile into the market. 2014 will be a year with full focus on the big mining companies, who are ramping up the production of iron ore by as much as 170 mill tons in 2014. This flooding of the market has already brought ore prices down from USD 130-140 during H2-2013".
BIMCO's Chief Shipping Analyst, Mr. Peter Sand, noted that "ordering activity went up by 258% in 2013 as compared to the year before. During the fourth quarter of 2013, more tonnage (31.7 million DWT) was ordered than in the full year of 2012 (24 million DWT). The stronger demand for new contracts also meant the newbuilding prices from all Far Eastern shipyards have gone up by 12-23% since the beginning of 2013. The larger the ship, the higher the increase has been. Recent resale deals indicate that prices continue to rise on the back of strengthened optimism. At the end of March, four South Korean to-be-built Capesize ships for delivery in 2015/16 had a price tag of USD 60.5 million. This is the same price tag for Japanese built ships of that size, whereas the Chinese newbuilding is set at USD 53.2 million".
The report concluded that "regardless of much optimism in the overall sector, sales indicate short-term pessimism in the Panamax sector. Ships with a capacity of 80,000 DWT, built in China and delivered in 2014, come with a price tag of USD 23-24 million. The newbuilding price for same ship size and build for delivery in 2016 is USD 30 million The still-hectic delivery pace, at 3.5 Panamax ships a week, is part of the explanation for the discount on soon-to-be-delivered Panamax tonnage. Following some frantic delivery years, the pulse of shipyard output is significantly down from the one-Capesize-ship-a-day of the peak years (2010-2012) to more normal levels, going forward at 2.5 ships per week in any given dry bulk sub-segment".
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
Tuesday, 20 May 14
NEWCASTLE'S COAL EXPORT VOLUME UP 39.11 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 19 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Tuesday, 20 May 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with sl ...
Tuesday, 20 May 14
DRY BULK MARKET IS BOUND FOR A RECOVERY CLAIMS PARAGON SHIPPING'S HEAD MICHAEL BODOUROGLOU
The dry bulk market is bound for a recovery in the coming weeks, as the market will be better balanced, said Mr. Michael Bodouroglou, Chairman and ...
Monday, 19 May 14
INDO COAL SWAPS FOR AVERAGE Q3' 2014 DELIVERY LOST ON WEEK AND ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
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