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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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Monday, 14 April 14
CHINA'S MEASURES TO STIMULATE ECONOMY'S GROWTH COULD OFFER ROOM FOR STABILITY IN SHIPPING MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Since the outbreak of the 2008-crisis, the shipping industry, in most of its aspects, i.e. dry bulk and tanker markets alike, has been dealing w ...
Sunday, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Parliament of New Zealand
- CNBM International Corporation - China
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Australian Coal Association
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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