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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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Thursday, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
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- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
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